Stock market today: Nifty50 near 24,800; BSE Sensex opens in red
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, opened in red on Thursday following global cues. While Nifty50 was near 24,800, BSE Sensex was below 81,450. At 9:17 AM, Nifty50 was trading at 24,803.25, down 9 points or 0.035%. BSE Sensex was at 81,410.63, down 34 points or 0.042%.Market observers anticipate that Thursday’s trading will be influenced by international factors, including the Fed’s policy decisions and geopolitical developments.VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “The 24500-25000 range for the Nifty is likely to hold till news from the Israel-Iran conflict change for the better or for the worse. If news of deescalation of tensions break, Nifty will break out of the upper band of the range. If the news is about escalation of tensions, particularly relating to troubles in the strait of Hormuz resulting in sharp spike in crude, it would be difficult for Nifty to hold on to the 24500 support level. So watch out for the developments in West Asia.The Fed decision and commentary have come on expected lines. Jerome Powell’s comment that “ despite heightened uncertainty the economy is in solid position “ is important. However, he has warned that “tariff effects on inflation can be persistent”. Therefore, it would be realistic not to expect rate cuts from the Fed immediately. The dot plot, however, indicates two rate cuts in 2025. With only 1.4% GDP growth expected this year, the US is unlikely to attract a lot of capital flows. This is favourable for India. But since Indian market valuations remain a concern, sustained rally will happen only when we get indications of sustained earnings growth, which is some time away.”US markets showed minimal movement on Wednesday, surrendering earlier gains after Federal Reserve Chairman Jerome Powell indicated that consumer goods prices are likely to increase during summer months as the impact of President Donald Trump‘s tariffs reaches consumers.Asian equity markets declined on Thursday following Powell’s comments regarding anticipated meaningful inflation increases in upcoming months.Gold prices increased on Thursday, benefiting from safe-haven interest amid Middle East uncertainties, whilst gains remained limited as investors evaluated the US Federal Reserve’s indication of reduced pace for upcoming rate reductions.Oil prices decreased on Thursday as investors remained cautious about new positions following Trump’s unclear stance regarding potential involvement in the Israel-Iran situation.Foreign portfolio investors sold shares worth Rs 891 crore net on Wednesday. FIIs’ futures market position decreased from Rs 99,483 crore net short on Tuesday to Rs 99,183 crore on Wednesday.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
