Market Update: Indian Indices Experience Decline Amid Global Trends
In the latest trading session, the Indian stock market faced a significant downturn as both the BSE Sensex and Nifty50 indices opened lower on Wednesday, influenced by international market trends. The BSE Sensex fell below the 82,000 mark, while Nifty50 dropped beneath 25,100. At approximately 9:16 AM, the BSE Sensex was recorded at 82,023.52 points, reflecting a decrease of 532 points or about 0.64%. Meanwhile, Nifty50 stood at 25,103.35 points after losing 177 points or around 0.70%.
Market Outlook and Expert Insights
Despite this volatility in early trading hours, Siddhartha Khemka from Motilal Oswal’s Wealth Management division expressed optimism regarding a potential recovery in the market. He noted that while fluctuations are expected to continue intermittently, there is an anticipation of gradual upward movement driven by sector rotation and increasing expectations for interest rate cuts in the United States.
Nagaraj Shetti from HDFC Securities also shared his perspective on Nifty’s near-term trajectory. He believes that despite current range-bound activity within the index, there is potential for an upward breakout if it surpasses resistance levels around 25,400. A successful breach of this threshold could propel Nifty towards its next target of approximately 25,800 with immediate support identified at around 25,100.
Global Market Influences
On Tuesday in the United States markets experienced their most substantial daily declines since early August across various sectors within S&P 500—most notably technology and energy stocks—as well as communication services and materials sectors.
The global financial landscape appears mixed today; S&P futures showed little change while Hang Seng futures decreased by about 0.6%. Japan’s Topix index saw a notable drop of approximately 2.8%, Australia’s S&P/ASX200 fell by roughly 0.9%, Euro Stoxx futures declined by about1 .2%, and Nasdaq futures slipped downwards by around0 .2%.
In currency markets today remained relatively stable against major currencies such as euro and Japanese yen alongside offshore yuan and Australian dollar maintaining steadiness against USD.
F&O Ban Stocks & Investor Activity
Today marks three stocks under F&O (Futures & Options) ban: Balrampur Chini Mills , Hindustan Copper ,and ABFRL due to exceeding95%of their market-wide position limits .
On a positive note for investor sentiment , foreign portfolio investors (FPIs) emerged as net buyers on Tuesday with share purchases totaling Rs1 ,029 crore . Domestic institutional investors (DIIs) also contributed positively with acquisitions worth Rs1 ,896 crore .
Furthermore , FPIs’ net long positions increased from Rs2 .33 lakh crore on Monday to Rs2 .38 lakh crore on Tuesday indicating growing confidence among foreign investors amidst current market conditions.
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