Sensex Today | Nifty 50 Today | Stock Market LIVE Updates: After the weekend break, Dalal Street reopens on Monday, June 8, in red. The Sensex crashed over 800 points while the Nifty 50 opened below 23,100 amid weak global cues. Investors are trying to balance optimism over domestic developments against a backdrop of global uncertainty. The RBI’s surprise decision to hold the repo rate unchanged at 5.25% provides a base to sentiment, but geopolitical flare-ups in the Middle East and a sharp fall in the US tech stocks and weakness in Asian markets are making the traders anxious at the start of the week.
Early trends indicated that the trading session will be a volatile one. The GIFT Nifty was trading at 23,194, higher by 96.50 points, or 0.42%, at 8:35 AM, and the Indian rupee has also opened weaker by 35 paise at 95.31 against the dollar. The crude oil prices have shot up post the latest tiff between Iran and Israel.
Technically, Nifty is at a crossroads, and the 23,300 level remains a crucial support level, while the low of 23,151 recorded last week would be the critical point of failure for bulls, and a breach of it could drag Nifty toward the 22,800-22,700 region. On the resistance side, Nifty faces a hurdle near 23,500 levels, making the day’s trading session very important to determine the direction of the markets.
Bank Nifty continues to show relatively good strength post the RBI-fuelled move last week, but the overall market sentiment will be dictated by the investors’ reactions to the global cues and the institutional buying.
Will RBI’s supportive stance and strong banking counters negate the effect of the weak global cues and bring down the Indian indices, or will the rising crude oil prices and geopolitical tensions drag the markets lower?
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