“The price action demonstrates an inability to sustain higher levels, curtailing the scope for significant upward movements. This pattern indicates a market environment where caution and strategic planning are crucial, considering the challenges posed to sustaining profitable long positions,” he says.
The index managed to close just above its 20-day moving average of 45350, which will act as a crucial support level, as a break below this level could lead to further selling pressure and potentially extend the downtrend, Shah said.
The rupee ended at 82.0725 against the dollar, after closing at 82.2475 on Wednesday. The currency has risen 0.8% so far this week.The dollar index declined to 100.22, its lowest since April 2022, after U.S. inflation cooled at a faster-than-expected pace in June with traders now pricing in an end to U.S. interest rate hikes
According to a new policy issued on Tuesday by the Gujarat government, state PSUs must pay their shareholders a minimum dividend of at least 30% of their profit after tax (PAT) or 5% of their net worth, whichever is larger.