Kamal Ghorui
Stock market today: After a strong rally yesterday, the stock market indices Nifty50 and BSE Sensex, opened in red on Tuesday. While Nifty50 was below 25,600, BSE Sensex dropped over 200 points in opening trade. At 9:16 AM, Nifty50 was trading at 25,593.50, down 89 points or 0.35%. BSE Sensex was at 83,057.50, down 220 points or 0.26%.The stock market ended higher, breaking a losing streak, supported mainly by buying in banking stocks. Experts are of the view that the indices may continue to move in a narrow range with a slight upward bias, as investors await cues technology stocks and AI related developments.Analysts indicated that attention will be on Infosys’ AI-focused investor meet and the ongoing India AI Impact Summit, both of which are expected to influence sentiment in technology counters and potentially guide near-term market direction.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “Despite the sell-off in capital market-related stocks due to RBI’s tighter rules on loans to proprietary traders and brokers, Nifty jumped 211 points yesterday. This is a reflection of the underlying resilience of the market. This resilience primarily stems from India’s improving macros and its implications for corporate earnings, going forward. The 14.7% growth in corporate earnings reflected in the Q3 results has come better-than-expected and the momentum is set to continue in Q4, accelerating in FY 27.”“FIIs cannot ignore this positive development and, therefore, will turn significant buyers in India, despite the occasional selling in response to events like the AI shock impacting IT stocks. The market will respond to geopolitical developments like the US-Iran stand off. Corrections can be used as buying opportunities. The impressive credit growth happening now has positive implications for leading banking stocks which are fairly valued.“Asian markets edged up on Tuesday, although gains were modest due to thin trading volumes amid holidays in some regions. Investors are awaiting a fresh set of economic data later this week for clearer signals on global growth trends.The US dollar maintained its recent strength on Tuesday, as markets looked ahead to indications expected later this week regarding the timing of potential interest rate cuts by the Federal Reserve.Foreign portfolio investors sold equities worth Rs 972 crore on Monday, while domestic institutional investors remained net buyers, purchasing shares worth Rs 1,667 crore.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
