Stock market today: Nifty50 opens flat; BSE Sensex above 84,800
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, opened flat in trade on Tuesday. While Nifty50 was near the 26,000 mark, BSE Sensex was above 84,800. At 9:19 AM, Nifty50 was trading at 25,978.30, up 12 points or 0.047%. BSE Sensex was at 84,808.68, up 30 points or 0.035%.Analysts indicate that if Nifty manages to go above 26,100, further upside towards 26,300 and 26,500 is possible in upcoming sessions.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “News flows indicate continuation of the positive momentum in the market. There are indications of a possible agreement between US and China on tariffs and if there is a breakthrough in the Trump-Xi meeting on Thursday, that will give another leg up to the markets globally where the leading indexes like S&P 500, Nikkei and Kospi are at record highs. A near-term positive for the market is the expectation that the Fed would cut rates in the FOMC meet on Wednesday since US CPI inflation (3% YoY) is not high as feared.” “There is fundamental support for the Indian market from the leading indicators relating to GDP growth and corporate earnings. The only concern is the relatively high valuations in India which might prompt the FIIs to again turn sellers if the market makes a smart rally.”US stock markets saw record closing highs on Monday, largely driven by optimism around US-China trade deal negotiations, anticipation of major technology earnings, and expected US interest rate reduction.Asian stocks were flat on Tuesday, as markets awaited major technology earnings reports and US Federal Reserve policy decisions this week.Gold prices remained near their two-week lows on Tuesday, as positive developments in US-China trade negotiations reduced the appeal of the safe-haven metal.Foreign portfolio investors sold shares worth Rs 56 crore net on Friday. Domestic institutional investors were net purchasers at Rs 2,492 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)
