Muted results, guidance from corporates sour investor mood

New Delhi: Nifty ended lower for the third consecutive session on Thursday amid high volatility. Muted results and guidance from corporates are souring investor mood, Deepak Jasani, Head of Retail Research, HDFC Securities, said.

At close, Nifty was down 0.51 per cent or 109.7 points at 21,462.3. Cash market volumes on the NSE continued to be high at Rs 1.27 lakh crore.

Broad market indices closed almost flat even as the advance decline ratio closed at 0.89:1.

Global shares traded mixed on Thursday as pessimism spread among investors fuelled by a sense of resignation that the interest rate cuts long expected in March will not materialise due to stubbornly high inflation.

A murky economic outlook in China also did not help matters. China's blue-chip stock index tumbled to a five-year low of 3,171.63 points, while the Shanghai Composite Index likewise bottomed at 2,760.98 points, its weakest since April 2020, he said.

Nifty fell on January 18 with yet another downgap.

However, after breaching 21,500, it did not fell sharply but recovered some of the losses.

Nifty could now find 21,710 as a tough resistance on the upside while 21,026 could offer support on down moves, he added.