• U.S. indices declined due to comments from Federal Reserve Chairman Jerome Powell and stronger than expected retail sales data.
• India's NIFTY50 index on its losing streak, with technical structure looks weak with immediate support around the 23,100 zone.
• Gold and silver prices fell in the commodities market, while the Bank of England cut its Bank Rate, potentially making mortgage deals cheaper.
• In the IPO market, Magenta Lifecare is expected to finalize share allotment following a successful subscription.

The U.S. indices ended Friday's session in the red, erasing around a third of the previous week's gains. This decline was primarily due to comments from Federal Reserve Chairman Jerome Powell, who stated that the economy was not showing the urgency that would warrant an interest rate cut. His comments reinforced expectations of a prolonged higher interest rate environment and dampened market sentiment.

Adding to the pressure, Friday's retail sales data came in stronger than expected, rising 0.4% versus consensus estimates of 0.3%. September retail sales were also revised up to 0.8% from the previously reported 0.4%, highlighting robust consumer spending and the underlying strength of the economy.

Indian Market: NIFTY50 and SENSEX Performance

India's NIFTY50 index on its losing streak, with technical structure looks weak with immediate support around the 23,100 zone. The index formed a doji candlestick pattern on Thursday, reflecting pause and indecision at current levels.

On Monday, Nifty plummeted below the critical 23,400 mark amid persistent selling pressure. The index lost over 130 points during the day, while the BSE Sensex shed approximately 350 points, marking a cumulative decline of over 10% from its record high of 85,978.25 achieved in late September. This slide also signifies Nifty's seventh consecutive losing session. 

The technical structure of Nifty50 as per the daily chart looks weak as the index surrendered the crucial support zone of 23,800 on a closing basis on 13 November. In the upcoming sessions, the index has immediate support around the 23,100 zone, which coincides with the high of the June 2023 general election.

The options data for the 21 October expiry has the highest call open interest (OI) at the 24,000 strike, indicating that the index may face resistance around this level. Meanwhile, the put base was seen at the 23,500 strike, with relatively low volume. Traders can closely monitor the change in open interest today and plan their strategies accordingly.

Market Updates: Commodities, Banking, and IPO

In the commodities market, gold prices remained under pressure for the fifth consecutive day, closing below the key swing low of 74,757 on the daily chart. Meanwhile, silver also fell below the immediate swing low and is now trading at its 200 EMA, a key psychological support zone.

In the banking sector, the Bank of England 's decision to cut its Bank Rate from 5% to 4.75% could make mortgage deals cheaper in the coming days and weeks. The cut was expected because of the steep fall in the rate of inflation in September, from 2.2% to 1.7%. The Bank uses higher lending rates to sap demand from the economy in a bid to slow down rising prices.

In the IPO market, mattresses manufacturer Magenta Lifecare is expected to finalise the share allotment on Monday, June 10, following the successful subscription of its initial public offering. For subscribers who would not be allotted shares, the company will initiate refunds from Tuesday, June 11. The IPO listing date has been tentatively fixed as June 12. Shares of Magenta Lifecare will be listed on the BSE SME platform.