Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, tanked in trade on Thursday on uncertain global cues. While BSE Sensex plunged over 800 points, Nifty50 went below 25,550. At 9:16 AM, BSE Sensex was trading at 83,421.10, down 845 points or 1%. Nifty50 was down 270 points or 1.05%.
Siddhartha Khemka, Head – Research, Wealth Management, says, “Overall we expect the market to consolidate with stock-specific action as we enter into the result season and companies will announce pre-quarterly updates.In the near term, investors will take cues from US Job Jolts and manufacturing data.”
Ajit Mishra, SVP, Research, Religare Broking, said, “In the near term, we expect the market to consolidate after witnessing one side move in the last few weeks. Sector-wise the focus could shift towards IT & Banking space as companies would be releasing their pre-quarterly updates starting this week.”
The technical analysis indicates a sell-on-rise opportunity, although the sharp follow-through selling momentum was absent on Tuesday.
In the global markets, US stocks ended flat, with technology shares gaining amidst concerns about Middle East tensions and upcoming US labor data.
Japanese stocks rose after the new prime minister’s comments weakened the currency, while oil prices ticked higher due to the escalating conflict in the Middle East. The dollar rose to a one-month high against the yen, supported by the robust US jobs market.
Foreign portfolio investors turned net sellers, offloading shares worth Rs 5,579 crore on Tuesday, while domestic institutional investors bought shares worth Rs 4,609 crore.
The net long position of FIIs reduced from Rs 3.38 lakh crore on Monday to Rs 3.18 lakh crore on Tuesday.