Stock market today
:
BSE Sensex
and Nifty50, the Indian stock market indices, dropped in trade on Tuesday after a positive start to the fiscal year yesterday. While BSE Sensex dipped 200 points,
Nifty50
was close to 22,400. At 9:22 AM, BSE Sensex was trading at 73,812.93, down 202 points or 0.27%. Nifty50 was at 22,421.35, down 41 points or 0.18%.
Indian stock markets
began the new fiscal year on a positive note, reaching new all-time highs.
Investors are eagerly anticipating the upcoming RBI monetary policy announcement this week, with expectations of a status quo decision but a focus on the accompanying commentary from the central bank.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal has said that the market is poised to sustain its upward momentum, albeit with potential volatility due to upcoming elections and Q4 earnings releases this month.
Despite facing a critical hurdle around 22,500 levels, Nifty’s overall chart pattern remains positive, according to Nagaraj Shetti of HDFC Securities, who believes any consolidation or dip could present a buying opportunity.
In the US, the Dow and S&P 500 experienced slight declines on Monday, influenced by concerns about the timing of US Federal Reserve interest rate cuts following strong manufacturing data. The Dow dropped by 0.6%, the S&P 500 dipped by 0.2%, while the Nasdaq rose by 0.1%.
Asian markets opened cautiously on Tuesday, as robust US data reinforced expectations of a gradual approach by the Federal Reserve to rate cuts.
The US dollar remained near a 4.5-month high against major currencies on Tuesday, as traders adjusted expectations for the timing of the Federal Reserve’s first rate cut. Oil prices rose in early Asian trading, supported by signs of increased demand and escalating tensions in the Middle East.
In F&O trading, no stocks were placed in the ban category for the day. Foreign portfolio investors sold shares worth Rs 522 crore on Monday, while domestic institutional investors purchased shares worth Rs 1,208 crore. The rupee strengthened by 0.07 paise against the US dollar on Monday, influenced by positive equity market performance.
Foreign institutional investors reduced their net short position from Rs 23,851 crore on Thursday to Rs 21,587 crore on Monday.
