Indian stock market indices BSE Sensex and Nifty50 opened lower on Monday, with Sensex falling 463.96 points to 76,745.94 and Nifty50 declining 149.6 points to 23,351.50. By 9:20 AM, Sensex was trading at 76,898.86, down 311 points or 0.40%, while Nifty50 was at 23,384.15, down 117 points or 0.50%.
Weekly performance
Despite ending the previous week with losses, both indices managed to secure gains for the entire week, marking the third consecutive weekly increase. Analysts suggest the market may remain steady and consolidate at higher levels, particularly in budget-related sectors.
Technical analysis and market outlook
Siddhartha Khemka, Head of Retail Research at Motilal Oswal, indicated that a decisive move above 23,600 could propel Nifty towards 24,000 in the short term. Conversely, failing to hold above 23,300 might trigger market panic, potentially leading to a decline towards 22,750.
Global market trends
Global markets exhibited mixed performance: S&P 500 futures remained stable, Hang Seng futures dropped 0.3%, Japan's Topix rose 0.3%, Australia’s S&P/ASX 200 fell 0.2%, and Euro Stoxx 50 futures decreased 0.7%. The dollar held steady as traders awaited new U.S. inflation data, impacting interest rate expectations. The yen dropped to its lowest since April 29 despite significant intervention by Japanese authorities.
Oil prices and stock specifics
Oil prices declined for the second straight session in early Asian trade, with Brent crude futures down 0.5% to $84.84 a barrel and U.S. West Texas Intermediate crude futures falling 0.5% to $80.34 a barrel. Stocks under the F&O ban period include Balrampur Chini Mills, PEL, Chambal Fertilisers, Indus Tower, Hindustan Copper, HAL, GNFC, and Granules.
Foreign Institutional Investors (FIIs)
The net long position of FIIs increased from Rs 72,465 crore on Thursday to Rs 73,991 crore on Friday, indicating a positive outlook from foreign investors despite the day's decline.
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