Stock Market Live Updates Today: The Indian equity market made a soft beginning on Tuesday, with cautious sentiment in global markets and the prevailing downbeat mood dampening investor sentiment. The Nifty 50 shed close to 100 points, or 0.42%, trading at the 24,019 levels. The BSE Sensex dropped around 275 points, trading at around 76,994.
Crude oil was rising, and global markets were jittery as the selloff continued, with both indices trading near session lows.
The GIFT Nifty was trading at the 24,075 level, down roughly 130 points from the last closing of Nifty futures, signalling a negative opening.
Factors in the global markets seem to be dictating the immediate direction for the Indian markets, in my view. A sharp escalation in the tensions in West Asia has pushed crude prices high, with Brent crude breaching $118 a barrel, and they are now hovering close to $115 levels. Higher energy prices, coupled with increasing global bond yields, would be a sentiment dampener for investors.
In addition to these factors, investors should consider the surge in US bond yields, with the 30-year yield now exceeding the 5% mark. Increased financial conditions globally are another cause of concern, which in turn leads to a stronger dollar. A stronger dollar also puts pressure on the emerging markets, including India.
Over the last few sessions, the Nifty 50 has been trading in a tight range, with the 23,800 mark acting as strong support and 24,300 capping the upside. The 24,000 level would be a significant near-term trigger, while last week’s low of 23,813 acts as a downside trigger. Nifty Bank continues to be range bound above 55,000, which remains a significant resistance level.
Markets finished higher in the last session. The BSE Sensex rose by 355.90 points, or 0.46%, to 77,269.40, while the Nifty 50 climbed by 121.75 points, or 0.51%, to 24,119.30 on Monday. Markets found support from an interim correction in crude oil prices and a rebound in global risk appetite after the US said shipping through the Strait of Hormuz will go on without disruption.
Adani Ports & Special Economic Zone was the biggest gainer among equities, rising more than 5% due to a stronger-than-expected cargo volume in April of 43.1 MMT, up 15% on a Y-o-Y basis. Other gainers included Eicher Motors, Jio Financial Services, Adani Enterprises and Reliance Industries. However, Kotak Mahindra Bank was down over 3% on the heels of a fairly underwhelming set of earnings.
A big trigger today will be earnings with results from Larsen & Toubro and Mahindra & Mahindra. Other companies like Coforge, Hero MotoCorp, and Punjab National Bank will also announce the results.
Gold prices are stable at 14,962 per gram for 24K, and silver is at 2.64 lakh per kg amid fears of tensions rising and inflation concerns.
Dalal Street may see volatility in the near term with multiple triggers, including domestic and international markets, as market participants respond to crude oil price changes, bond yields and the continuing quarterly earnings season.
Follow this live blog for real-time updates on the market, top gainers and losers, sector-specific trends, and analyst recommendations as Dalal Street goes through a critical trading day.
