Good morning and welcome to our live coverage of the Indian stock market.
GIFT Nifty indicated a sluggish start today as Dalal Street was expected to open on a subdued note. But the market surprised on the upside, with investors looking past the recent volatility and stepping in to buy, helping benchmark indices open higher.
The GIFT Nifty traded in a tight range in early morning trade, with a high of 23,159 and a low of 23,084. The index traded in the red for most part of the session and recovered from day lows on lack of panic selling at current levels.
It will be important for investors to look at Middle East events tomorrow, crude oil prices and the overall market trend.
Tech stocks mostly climbed with Micron, the chip maker soaring by 5.6% following the largest slump in its share price since 2020, driving the Nasdaq 100 up by 1.58%, while the S&P 500 was flat and added to a rally from a low sparked by the conflict.
Trading in the Asian market is flat in early morning trading on Tuesday.
Trading in Asia, Japan’s Nikkei 225 surged 1.5% while South Korea’s Kospi advanced 2.85%. However, Australia’s S&P/ASX 200 dropped 0.5%, and futures tied to Hong Kong’s Hang Seng indicated a lower open at 24,534, from a closing level of 24,657.06.
In Indian equity markets, massive selling pressure was observed on June 8, as investors were anxious over negative sentiments in the global markets, escalating geopolitical risks, and rising crude oil prices in the domestic market. High crude oil prices are raising fears that inflation will impact the economy.
The US and Iranian states have momentarily ceased their attacks; however, Iran warned that it would recommence its attacks if the Israeli attacks in Lebanon did not subside. The fragile cease-fire may keep investors jumpy.
We’ll keep you updated from Dalal Street throughout the day.
Stay tuned.
