Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, opened in green on Tuesday. While BSE Sensex moved up over 350 points, Nifty50 was above 23,750. At 9:16 AM, BSE Sensex was trading at 78,321.56, up 357 points or 0.46%. Nifty50 was at 23,761.20, up 145 points or 0.61%.
Indian equity markets experienced significant selling pressure due to worries about the HMP Virus outbreak and declining banking stocks following underwhelming quarterly updates on Monday.
“We expect markets to remain volatile until concerns relating to the new virus ease out. We could see stock/sector specific action on the back of pre-quarterly business updates and the start of the Q3 result season,” said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal.
Technical analysis suggests that Nifty shows weakness in short-term trends with support levels near 23,460 and 23,260. Resistance is expected around 23,800.
Major US stock indices climbed to their highest levels in over a week on Monday, driven by strong performance in semiconductor shares. The upward movement was further supported by reports indicating that the incoming Trump administration might implement a more moderate approach towards tariffs than previously anticipated.
Asian markets showed strength following Wall Street’s tech-driven rally. Japanese, South Korean, and Australian markets gained, while Hong Kong futures indicated softer opening. Nvidia reached new highs before CEO Jensen Huang’s speech.
The US dollar remained close to its one-week low against primary currencies on Tuesday, whilst investors assessed potential modifications in President-elect Donald Trump’s tariff policies.
Foreign portfolio investors registered net sales of Rs 2,575 crore on Monday, whilst domestic institutional investors acquired shares valued at Rs 5,749 crore.
Foreign institutional investors’ net short position decreased to Rs 2.22 lakh crore on Monday from Rs 2.29 lakh crore on Friday.