sensex today: Market Watch: 17900 immediate breakout level to watch out for

Welcome to ETMarkets Watch, your daily wrap-up to the day on Dalal Street. I am Nikhil Agarwal. Weak global cues prompted Indian equity indices to close lower on Friday, dragged by index heavyweight Reliance, ICICI Bank and IT stocks.

The 30-share BSE benchmark Sensex fell 123 points or 0.20% to settle at 60,683. The broader NSE Nifty declined 37 points or 0.21% to end at 17,856.
From the Sensex pack, HCL Tech, Tata Steel, ITC, M&M, Reliance and ICICI Bank ended lower. Wipro, NTPC, Infosys, Asian Paints and HUL also ended with cuts.
On the flip side, Tata Motors, L&T, Bharti Airtel, SBI, UltraTech Cement and Power Grid Corp closed with gains.
Sector-wise, Nifty Metal fell 1.82% and Nifty IT declined 0.39%. However, Nifty Auto and Nifty PSU Bank closed higher. In the broader market, Nifty Midcap50 increased 0.15% and Smallcap50 surged 0.59%.
Asian shares were mostly lower on Friday after Wall Street retreated for a second day as market watchers considered earnings reports and various indicators about whether inflation is waning in the US and elsewhere.
Oil prices jumped more than 2% on Friday as Russia announced plans to reduce oil production next month after the West imposed price caps on the country’s oil and oil products.
17900 would be the immediate breakout level to watch out, above the same the index could move up to 18200, analysts said.
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