Share Markets Open The Week In Red Despite Asian Peers' Rally: Sensex About 300 Points Down
At around 9:03 AM, the Sensex was trading at 77,722.57, down 286.68 points, or 0.37 per cent, while the Nifty stood at 24,351.90, lower by 14.10 points, or 0.06 per cent.
Indian equity benchmarks began Monday's session on a cautious note despite a strong performance across several Asian markets, with investors tracking global cues, crude oil prices and developments in West Asia.
The BSE Sensex bled close to 300 points and tested 77,700, while the NSE Nifty50 slipped more than 50 points to inch closer to 24,300, as of 9:15 AM.
GIFT Nifty Signals Muted Opening
The GIFT Nifty, an early indicator of domestic market sentiment, was trading around 24,438, down 30 points in early deals.
At around 9:03 AM, the Sensex was trading at 77,722.57, down 286.68 points, or 0.37 per cent, while the Nifty stood at 24,351.90, lower by 14.10 points, or 0.06 per cent.
The subdued domestic cues come after Indian equities faced profit-booking last week, with the Nifty and Sensex both ending the week lower.
The mixed global backdrop is likely to keep investors selective, with market participants also watching developments in crude oil and geopolitical tensions for fresh direction.
Asian Markets Rally On Softer Rate Expectations
Most Asia-Pacific markets moved higher on Monday as investors scaled back expectations of further US rate hikes following softer economic data.
South Korea's Kospi climbed 2.42 per cent, while Hong Kong's Hang Seng advanced 1.4 per cent in morning trade.
The gains offered a positive global cue for regional equities, although domestic markets remained comparatively cautious in the pre-open session.
Wall Street Ends Lower
US equities closed mostly lower on Friday.
The Dow Jones Industrial Average declined 0.2 per cent, while the S&P 500 slipped 0.17 per cent. The Nasdaq Composite ended 0.28 per cent lower.
The mixed performance on Wall Street followed a period of heightened investor focus on interest rate expectations and global economic signals.
Also Read : Active Vs Passive Funds: 7 Key Differences Investors Should Know
Crude Oil Rises As West Asia Tensions Persist
Oil prices moved higher as investors assessed the latest geopolitical developments in West Asia.
Brent crude October futures were quoted at $88.81 per barrel on the Intercontinental Exchange after Israel resumed attacks on Lebanon.
Higher crude prices remain an important variable for Indian markets as investors assess their potential implications for inflation, the rupee and corporate earnings.
Gold, Silver Gain
Precious metals traded higher in early deals.
Gold futures advanced 0.55 per cent, while silver futures gained 1.07 per cent, reflecting continued demand for the commodities amid geopolitical and macroeconomic uncertainty.
Market View: Nifty Needs To Hold 24,200
According to Shrikant Chouhan, Head of Equity Research at Kotak Securities, Indian benchmarks witnessed profit-booking at higher levels last week. The Nifty ended the week 0.83 per cent lower, while the Sensex lost around 490 points.
Among sectors, the Media index was the strongest performer, gaining more than 2 per cent, while the Metal index declined 1.8 per cent.
Chouhan said the Nifty has continued to find support around its 20-day Simple Moving Average (SMA) following the recent correction. For the Sensex, he identified 77,600 as an important level.
"The short-term market outlook remains weak," Chouhan said, while adding that a sustained move above 24,200 for the Nifty and 77,500 for the Sensex could trigger a technical rebound.
If these levels hold, the Nifty could move towards 24,500, while the Sensex could target 78,400. Further strength could take the indices towards 24,700 and 79,000, respectively, according to the analyst.
On the downside, a break below 24,200/77,500 could intensify selling pressure, with the Nifty potentially moving towards 24,000-23,800 and the Sensex towards 76,800-76,200.
For the Bank Nifty, Chouhan identified 57,300 and 57,000 as key support levels. A sustained move above these levels could take the index towards 58,000-58,500, while a break below 57,000 could open the way towards 56,300-56,000.
He advised investors to focus on select stocks in the 24,300-24,200 Nifty range, while expecting bullish continuation above the 24,500 level.
ALSO READ: Have 1,000 YouTube Subscribers? Here’s How You Can Earn From Ads In 2027
Top Headlines
