Market awaiting ECB rate hike

Mumbai: “Today, the market closed near Wednesday’s closing level due to news about a potential bailout for Credit Suisse Bank and a good recovery in the global market,” says Prashanth Tapse, research analyst, senior V-P (research), Mehta Equities.

Moving forward, the market's focus is on the ECB rate hike decision this evening, which will provide fresh trading direction. In addition, crude oil prices have decreased by over five per cent, which is positive news for the Indian economy.

Technically, the market is in oversold zone, and we may see a bounce. Looking at the global market, there is a possibility of a small bounce, but the overall trend remains bearish. The positive takeaway however was that Sensex napped a five-day losing streak. Bank Nifty too ended a tad above the dotted lines, up 0.21 per cent. The Nifty Metals index however tumbled the most on recession fears, down 2.32 per cent.