Stock market today
:
BSE Sensex
and Nifty50, the Indian equity benchmark indices, resumed their rally on Tuesday after a strong show on Monday. BSE Sensex moves up 100 points and
Nifty50
was above 22,650. At 9:30 AM, BSE Sensex was trading at 74,746.86, up 76 points or 0.10%. Nifty50 was at 22,681.50, up 38 points or 0.17%.
The stock market experienced a significant surge on Monday, following the global market rally.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal, expects the positive trend to continue, driven by strong
earnings
reports and favorable macroeconomic data. Investors will closely monitor European consumer confidence data and China’s manufacturing and non-manufacturing data.
“We expect the Nifty to continue its positive trend, on the back of a healthy earning season and macro data. Investors will watch out for European consumer Confidence data and China Manufacturing & Non-Manufacturing data on the economic front,” he said.
Technical analysis by Nagaraj Shetti of HDFC Securities indicates that the short-term uptrend of Nifty has resumed, with the next upside levels to watch being around 22,800-22,900 and immediate support at 22,500.
In the United States, stocks closed higher on Monday, led by strong gains in Tesla and Apple, as investors focused on the upcoming Federal Reserve policy meeting and its implications for interest rates. The Dow Jones Industrial Average rose 0.38%, the S&P 500 gained 0.32%, and the Nasdaq Composite advanced 0.35%.
Asian markets followed suit, with Japan’s Topix rising 1.4% and Australia’s S&P/ASX 200 remaining flat. However, Euro Stoxx 50 futures fell 0.4%. Oil prices edged down in early trade on Tuesday, influenced by ceasefire talks between Israel and Hamas in Cairo and concerns about the outlook for U.S. interest rates.
In the Indian market, Vodafone Idea and Biocon are among the stocks in the F&O ban period today. Foreign portfolio investors (FPIs) were net buyers at Rs 169 crore on Monday, while domestic institutional investors (DIIs) bought shares worth Rs 692 crore. The Indian rupee declined by 7 paise to close at 83.45 against the US dollar on Monday, as investors remained cautious ahead of the US Federal Reserve’s monetary policy decision.
Several companies, including IOC, Adani Energy, and Adani Total Gas, are set to announce their fourth-quarter earnings on Wednesday.
