Stock market today
:
BSE Sensex
and Nifty50, the Indian equity benchmark indices, opened in green on Tuesday. While
BSE
Sensex rose 50 points,
Nifty50
was above 22,450. At 9:19 AM, BSE Sensex was trading at 73,948.10, up 53 points or 0.071%. Nifty50 was at 22,462.45, up 20 points or 0.088%.
The Indian equity markets experienced a gradual decline on Monday, despite opening higher, amidst heightened volatility.
Analysts attributed the increasing nervousness among investors to ongoing global uncertainties and the upcoming Lok Sabha election results.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal, said, “Hence, markets are likely to remain in a broader range with stock-specific action in the near term.”
Technical analysis by Tejas Shah, Technical Research, JM Financial & BlinkX, indicates that the Nifty is expected to remain volatile within the range of 22,200–22,800 in the near term, with a negative bias. The immediate resistance zone for Nifty is at 22,600-625 levels, with the next resistance at the 22,800 mark.
US stock indexes closed higher on Monday, marking their third consecutive session of advances, as investors grew more optimistic about the possibility of the
US Federal Reserve
cutting interest rates this year.
Asian stocks followed suit, rising in early trading, while oil prices ticked up slightly following Israel’s strike on Rafah in Gaza. The Japanese yen continued to weaken against the US dollar due to significant interest rate differentials.
Foreign portfolio investors were net sellers on Monday, offloading shares worth Rs 2,168 crore, while domestic institutional investors bought shares worth Rs 781 crore. The Indian rupee settled 7 paise lower at 83.52 against the US dollar, weighed down by elevated crude oil prices. The net short position of FIIs reduced from Rs 46,719 crore on Friday to Rs 35,038 crore on Monday.
Several companies, including PB Fintech and Dr Reddy’s, are set to announce their fourth-quarter earnings on Tuesday. Investors will be closely monitoring these results for insights into the performance of these companies and their respective sectors.
