Stock market today: Nifty50 gives up early gains; BSE Sensex down over 300 points
Market experts anticipate continued consolidation amidst unfavourable global indicators. (AI image)
Stock market today:
Nifty50
and
BSE Sensex
, the Indian equity benchmark indices, were volatile in opening trade on Tuesday. While Nifty50 went below 24,650, BSE Sensex was near 81,000. At 9:35 AM, Nifty50 was trading at 24,644.90, down 72 points or 0.29%.
BSE Sensex was at 81,045.85, down 328 points or 0.40%.
Market experts anticipate continued consolidation amidst unfavourable global indicators, though robust domestic economic factors and possible RBI interest rate reductions might provide support.
VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, 'During a consolidation phase, where the market moves within a range, buy on dips is the ideal strategy.
And this strategy is working well now. With a lot of uncertainty in geopolitics, tariffs and trade the market will continue to remain volatile. Therefore, investors may persist with the strategy of buying on dips.
'The concern in the market now is the high valuation, particularly in the broader market. But the trends in money flows into the market and the healthy trend of retail investors persisting with their investment for longer periods, indicate that Indian equities will remain at higher valuations for an extended period of time.
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Since the MPC is expected to cut policy rate by 25 bp in the policy meet on 8th, rate sensitives are likely to be favoured in the coming days.
"
The S&P 500 finished positively on Monday, with investors remaining hopeful about trade negotiations between the US and its partners, despite President Donald Trump's announcement to increase tariffs on steel and aluminium imports.
Asian markets displayed a mixed opening on Tuesday, following US gains driven by technology sector recovery.
Oil prices increased during early Asian trading on Tuesday, influenced by supply concerns as Iran prepares to decline US nuclear agreement proposals, whilst Canadian production faces disruption from wildfires.
Gold prices reached a near four-week peak on Tuesday, benefiting from dollar weakness and increased uncertainty surrounding US-China trade relations.
Foreign portfolio investors recorded net sales of Rs 2,589 crore on Monday, whilst domestic institutional investors showed net purchases of Rs 5314 crore.
FII net short positions in futures trading increased from Rs 83,684 crore on Friday to Rs 89,066 crore on Monday.
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