Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in green on Tuesday. While BSE Sensex moved up 200 points, Nifty50 was above 23,550. At 9:21 AM, BSE Sensex was trading at 77,523.37, up 182 points or 0.24%. Nifty50 was at 23,583.15, up 45 points or 0.19%.
The domestic market recovered from a dull start and ended with slight gains on Monday.Analysts predict that the upcoming days may experience volatility due to the monthly F&O expiry week.
“Markets this week will take cues from global macro data points and the progress of the monsoon back home. We expect Nifty to consolidate at the current juncture with a bout of volatility amid monthly derivatives expiry,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
The short-term trend of Nifty remains positive amidst range movement. Having bounced back from near the lower range of 23300 levels, there is a possibility of Nifty testing the upper range of 23650-23700 in the short term. Immediate support is at 23350, according to Nagaraj Shetti of HDFC Securities.
US stocks closed mixed, with the Dow rallying to a one-month high, while the Nasdaq fell over 1% as investors shifted away from AI-linked stocks and added some laggards to their portfolios, anticipating Federal Reserve interest rate cuts this year.
Asian shares edged higher, defying the mixed performance on Wall Street, as speculation grew that the tech sector rally may be losing momentum.
Oil prices remained steady on Tuesday as concerns about China’s economic recovery prospects offset supply worries stemming from tensions in the Middle East and Ukrainian attacks on Russian refineries.
Several stocks are in the F&O ban period today, including Balrampur Chini Mills, PEL, Chambal Fertilisers, Indus Tower, PNB, SAIL, GNFC, and Granules.
Foreign portfolio investors were net sellers for the second consecutive day, offloading shares worth Rs 653 crore on Monday. Domestic institutional investors also sold shares worth Rs 820 crore.
The net long position of FIIs increased from Rs 73,991 crore on Friday to Rs 1.01 lakh crore on Monday.