Stock market today: Nifty50 below 24,650; BSE Sensex drops over 600 points
Market analysts anticipate continued stability, backed by robust domestic economic indicators. (AI image)
Stock market today
: Indian equity benchmark indices,
Nifty50
and
BSE Sensex
, opened in red on Thursday. While Nifty50 went below 24,650, BSE Sensex was down over 600 points. At 9:21 AM, Nifty50 was trading at 24,617.15, down 196 points or 0.79%.
BSE Sensex was at 80,971.45, down 625 points or 0.77%.
Market analysts anticipate continued stability, backed by robust domestic economic indicators, satisfactory corporate performance, and predictions of above-average rainfall this season.
VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, 'There is slight risk off in
global markets
. This is evident from the strength in alternate assets like gold and Bitcoin.
The fundamental issue is the high fiscal deficit of the US which the market feels is unsustainable. The weak US 20-year bond auction and the spike in yields of 5-year, 10-year and 30-year bonds indicate the declining confidence in US bonds. In Japan, too, bond yields are rising.'
'Rising US bond yields are usually negative for emerging markets. But the situation is slightly different now. The root cause of the problem is the unsustainable US fiscal deficit and debt.
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This may trigger some capital flows away from the US to other economies where prospects for growth and earnings are better. An important trend from the market perspective is that companies driven by domestic consumption are doing well.
The Q4 results of Interglobe aviation and Bharti Airtel are good examples of this trend. This trend can sustain."
US equities ended considerably lower on Wednesday, with Treasury yields rising amid concerns over potential trillion-dollar increases in government debt following President Donald Trump's proposed tax reduction legislation.
Asian equities declined and Treasury yields extended their downward trend early Thursday, following US market losses amid concerns over the American deficit situation.
Gold prices increased on Thursday as investors sought safety due to growing concerns about US government debt and tepid interest in 20-year Treasury bonds, indicating reduced interest in American assets.
Oil prices decreased on Thursday following unexpected increases in US crude and fuel stocks, suggesting demand weakness, whilst market participants remained cautious about renewed nuclear discussions between Iran and the United States.
Foreign portfolio investors purchased shares worth Rs 2,202 crore net on Wednesday. Domestic institutional investors acquired Rs 684 crore net.
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