Stock market today: Nifty50 opens above 24,600; BSE Sensex up over 170 points
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, opened in green on Monday. While Nifty50 went above 24,600, BSE Sensex was up over 150 points. At 9:18 AM, Nifty50 was trading at 24,627.85, up 63 points or 0.25%. BSE Sensex was at 80,771.61, up 172 points or 0.21%.Market experts remain wary and suggest maintaining protective positions with a downward outlook until definitive reversal indicators appear. Individual stock movements are expected to persist as more companies release their quarterly results.VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “In the near-term the market is in unchartered territory. A clear direction will emerge on news surrounding the US-India trade deal happening after the next round of trade negotiations. A deal with a tariff of 20% or below will be positive from the market perspective. If this doesn’t happen, and the 25% tariff remains, the market is likely to drift down since it will impact India’s growth and corporate earnings making it difficult to justify the current elevated valuations.”“From the global market perspective, indications are that a rate cut from the Fed in the September FOMC meeting is likely after the latest jobs report indicating declines in job additions in July and downward revisions in the jobs created in May and June. Clearly, the U.S. economy is slowing down and Fed is likely to respond with a rate cut in September. With the inflationary impact of the tariffs kicking in, a stagflationnary scenario for the US cannot be ruled out. The market will respond to incoming data and evolving outlook.”Asian equities continued their downward trend for the seventh consecutive session following disappointing US employment data, which led to a decline in stocks and increased speculation about Federal Reserve rate reductions.US stocks fell on Friday, with the S&P recording its largest daily percentage drop in over two months, triggered by new US tariffs affecting multiple trading partners and an unexpectedly poor jobs report.Gold prices decreased on Monday as traders took profits following a significant increase in the previous session, after disappointing US employment data strengthened predictions of a Federal Reserve interest rate reduction in September.Oil prices continued to decrease on Monday following OPEC+’s agreement to another substantial production increase in September, whilst worries about economic slowdown in the United States, the world’s largest oil consumer, contributed to downward pressure.Foreign portfolio investors net sold shares worth Rs 3,366 crore on Friday. DIIs were net buyers at Rs 3,187 crore.(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)
