Kamal Ghorui
Stock market today: Nifty50 and BSE Sensex rallied strongly in opening trade on Monday as crude oil prices dipped and US President Donald Trump signalled help for ships stuck in the Strait of Hormuz. State election results from West Bengal, Kerala, Assam, Tamil Nadu, and Puducherry are also in focus. Nifty50 went above 24,250, and BSE Sensex rose over 800 points. At 9:38 AM, Nifty50 was trading at 24,257.95, up 260 points or 1.09%. BSE Sensex was at 77,796.89, up 883 points or 1.15%.Experts are of the view that for the near term, the market is likely to remain range-bound with a consolidation bias, weighed down by continued foreign institutional selling, weakness in the rupee, elevated crude prices, and the absence of any meaningful breakthrough in US-Iran negotiations, especially with Washington maintaining its blockade position.VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “Today’s market action may be unduly influenced by the state election results with focus on West Bengal. But it is important to note that this will be only a very short-term sentimental impact. The real market trend will be guided by the crude oil prices, which, in turn, will be decided by the news and happenings in West Asia. President Trump’s declaration that the US will help and guide ships through the Strait of Hormuz has brought Brent crude down to around $ 108 levels. Also, there is a latest proposal from Iran to the US delivered through Pakistan.Another major factor influencing market behaviour will be the FII activity. The continuing momentum in the AI trade implies that FIIs will continue to sell in India. This might keep largecaps under check with activity moving significantly to the broader market. Therefore, any rally triggered by the domestic political developments will be used by FIIs to sell more. The global AI trade will continue to weigh on markets in the near-term.“Asian shares opened higher, while crude oil traded in a volatile range as investors assessed conflicting developments from the Middle East. Strong earnings continued to lend support to technology stocks.Crude prices edged lower on Monday after US President Donald Trump said Washington would initiate efforts to help ships stranded in the Strait of Hormuz. However, the absence of a formal peace agreement between the US and Iran kept oil prices firmly above the $100-a-barrel mark. US equities ended Friday on a strong note, with both the S&P 500 and Nasdaq finishing at record closing highs. Robust corporate earnings and a fall in oil prices helped propel the indices, capping their strongest monthly gains in several years.(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.)
