Stock market today
:
BSE Sensex
and Nifty 50, the Indian equity benchmark indices, tanked in opening trade on Thursday. While BSE Sensex went below the 80,000 mark,
Nifty50
was near 24,250. At 9:18 AM, BSE Sensex was trading at 79,584.14, down 565 points or 0.70%. Nifty50 was at 24,244.65, down 169 points or 0.69%.
Vinod Nair, Head of Research at Geojit Financial Services, says, “The recovery noticed from Wednesday’’s low will be evident only post the monthly expiry on Thursday.
At the same time, the ongoing Q1 results, which till date is muted, will decide the near-term trend.”
Rajesh Bhosale, Equity Technical Analyst at Angel One, cautioned, “While the overall sentiment remains positive without signs of weakness, the market appears overbought by various measures. Therefore, we advise against aggressive long positions.”
Nagaraj Shetti of HDFC Securities noted that the immediate support of the 10-day EMA has been breached, and the Nifty is currently hovering near the 20-day EMA support around 24,270 levels. A failure to sustain above these supports could potentially lead to sharp weakness ahead, he said.
In the United States, the S&P 500 and Nasdaq closed at multi-week lows on Wednesday, with the S&P breaking one of its longest streaks without a daily decline of more than 2 percent. Disappointing earnings from Alphabet and Tesla dampened investor confidence in megacap stocks. The Dow fell 1.25 percent, the S&P dipped 2.31 percent, and the Nasdaq dropped 3.64 percent.
Asian equities also experienced declines as investors began to pull back from the artificial intelligence-driven rally that has fueled the bull market this year. S&P 500 futures rose 0.3 percent, while Hang Seng futures fell 0.6 percent. Japan’s Topix fell 1.8 percent, Australia’s S&P/ASX 200 fell 0.9 percent, and Euro Stoxx 50 futures fell 1.2 percent.
The Japanese yen found support from unwinding carry trades ahead of the Bank of Japan’s policy meeting next week. Additionally, a rotation out of megacap growth stocks dampened risk appetite and provided some safe-haven bids for the yen.
In the Indian markets, Vodafone Idea and India Cements are under the F&O ban period, as they have crossed 95 percent of the market-wide position limit. Foreign portfolio investors (FPIs) turned net sellers, offloading shares worth Rs 5,130 crore on Wednesday, while domestic institutional investors (DIIs) bought shares worth Rs 3,137 crore.
Several companies, including Adani Green, Nestle, DLF, Tech Mahindra, and Canara Bank, are set to announce their first-quarter results on Thursday, which could influence market sentiment.
