Today, the Indian stock market opened on a flat note. The BSE Sensex started around 80,150 points, and the Nifty50 was above 24,400 points. By 9:17 AM, the BSE Sensex was trading at 80,173.17, up 91 points or 0.11%. The Nifty50 stood at 24,444.65, gaining 9 points or 0.037%.
Ajit Mishra, Senior Vice President of Research at Religare Broking, said, “Apart from concerns over continuous foreign investor outflows, disappointments on the earnings front are weighing heavily on sentiment. We reiterate our ‘sell on rise’ view for the Nifty index and suggest a stock-specific trading approach due to the ongoing market choppiness from earnings.”
Nagaraj Shetti of HDFC Securities mentioned that the short-term trend for Nifty remains negative. A decisive move below the 24,500-25,450 range could lead to a further drop towards the 24,000 mark. Any rise up to the immediate resistance level of 24,700 might offer a selling opportunity. The India VIX, which measures market volatility, increased by 4.2% to close at 14.34 levels.
In the United States, Wall Street closed lower on Wednesday. Rising Treasury yields put pressure on mega-cap stocks, and investors grew less hopeful about significant rate cuts from the Federal Reserve. Negative corporate news also affected companies like McDonald’s and Coca-Cola.
Asian markets declined as well. The Japanese yen and U.S. Treasuries stabilized after a sell-off on Wednesday, as traders adjusted their expectations for U.S. interest rate cuts. S&P 500 futures remained mostly unchanged, Hang Seng futures dropped by 1%, Japan’s Topix fell by 1%, and Australia’s S&P/ASX 200 decreased by 0.2%.
Oil prices saw a slight uptick on Thursday, recovering some losses from the previous session. This came after U.S. crude inventories rose much more than expected.
Several stocks are currently banned in the Futures and Options (F&O) segment. These include Chambal Fertilisers, RBL Bank, Manappuram, Aarti Industries, L&T Finance, Birlasoft, PNB, GNFC, Bandhan Bank, Indiamart, IEX, and PEL. These stocks have exceeded 95% of the market-wide position limit.
Foreign Portfolio Investors (FPIs) were net sellers on Tuesday, offloading shares worth ₹3,978 crore. On the other hand, Domestic Institutional Investors (DIIs) bought shares worth ₹5,869 crore. The net short position of Foreign Institutional Investors (FIIs) increased from ₹1.67 lakh crore on Monday to ₹1.7 lakh crore on Tuesday, according to FII data.
