Stock Market Today Highlights: BSE Sensex sheds over 450 points, Nifty50 closes below 24,600 as crude prices continue to rise
Here's what's trending across India right now:
Indian equity markets are expected to open on a mildly negative note, with Gift Nifty trading around 24,662, down by 86 points, indicating weak opening cues for domestic indices. Global markets are trading mixed as investors remain cautious ahead of key U.S. economic data and continue to assess the implications of recent trade-related developments. Meanwhile, crude oil prices have edged higher amid persistent geopolitical tensions, which may keep market sentiment subdued and lead to a cautious start for domestic equities.
Adding to this, Rupee weakened against the US dollar in the previous session, depreciating 16 paise to settle at 95.24. The currency came under pressure due to a slight recovery in the US Dollar Index, modest gains in US Treasury yields and continued foreign fund outflows. During the day, the rupee opened at 95.13 and traded in a range of 95.12 to 95.24 before ending at its weakest level of the session.
Meanwhile, Forex traders shared softer crude oil prices limited the downside for rupee by easing concerns around India's import bill. According to Mirae Asset ShareKhan analyst Anuj Choudhary, expectations of a possible US-Iran agreement could support rupee, although any rebound in the dollar index or Treasury yields may restrict gains.
Notably, According to analysts domestic equities have found support from multiple macroeconomic developments during the previous session. Vinod Nair, head of research at Geojit Investments, shared crude oil prices and intensified diplomatic efforts to restore stability in the Middle East improved investor confidence.
As per the latest buzz, He added that the Reserve Bank of India's decision to maintain the repo rate at 5.25% for the fourth consecutive meeting, along with its neutral policy stance and constructive economic outlook, encouraged selective buying in banking and energy stocks. The central bank also marginally raised its GDP growth forecast for the current financial year to 6.7% while trimming its inflation projection to 5%. However, policymakers maintained that future rate decisions would remain dependent on incoming economic data and inflation trends.
In further updates, Benchmark equity indices ended on a mixed note in the previous trading session, with BSE Sensex outperforming NSE Nifty as buying in heavyweight stocks offset broader caution. The 30-share Sensex climbed 373.76 points, or 0.48%, to settle at 78,954.76 after remaining in positive territory throughout the day. Meanwhile, Nifty 50 traded in a narrow range and edged up just 11.35 points, or 0.05%, to close at 24,636.
On top of that, During the session, the index touched an intraday high of 24,677.05 and a low of 24,604.15. Market sentiment was supported by moderation in crude oil prices, optimism surrounding diplomatic efforts in the Middle East and buying in heavyweight stocks such as Reliance Industries and ICICI Bank, even as broader gains remained limited.
Source: The Times of India