Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, opened in green on Tuesday. While BSE Sensex was trading above 81,700, Nifty50 was above 25,000. At 9:17 AM, BSE Sensex was trading at 81,725.03, up 27 points or 0.033%. Nifty50 was at 25,015.45, up 5 points or 0.019%.
“Indian markets are expected to follow gains seen in the US stock market, as the likelihood of a “soft landing” for the global economy increases amid signs of economic softening.A potential rate cut by the Fed would likely boost market sentiment and drive up stock prices,” said Pravesh Gour, Senior Technical Analyst at Swastika Investmart.
Technically, Nifty has filled the gap area formed on August 2nd and is moving higher. The previous all-time high of 25,078 and the daily upper Bollinger band at 25,220 are likely to be the next targets. On the downside, the 20-day moving average around 24,600 could act as a trend reversal level in the short term, says an ET report.
Global markets present a mixed picture, with S&P 500 futures and Euro Stoxx 50 futures slightly down, while Australia’s S&P/ASX 200 rose 0.2%. The fear gauge, India VIX, increased by 1.33% to settle at 13.73 levels. In the forex market, the euro, Japanese yen, and offshore yuan remained relatively stable against the US dollar.
Foreign portfolio investors turned net buyers, purchasing shares worth Rs 483 crore on Monday, while domestic institutional investors bought shares worth Rs 1,870 crore. The net long position of FIIs increased significantly from Rs 25,617 crore on Friday to Rs 57,349 crore on Monday.
“Indian markets are expected to follow gains seen in the US stock market, as the likelihood of a “soft landing” for the global economy increases amid signs of economic softening.A potential rate cut by the Fed would likely boost market sentiment and drive up stock prices,” said Pravesh Gour, Senior Technical Analyst at Swastika Investmart.
Technically, Nifty has filled the gap area formed on August 2nd and is moving higher. The previous all-time high of 25,078 and the daily upper Bollinger band at 25,220 are likely to be the next targets. On the downside, the 20-day moving average around 24,600 could act as a trend reversal level in the short term, says an ET report.
Global markets present a mixed picture, with S&P 500 futures and Euro Stoxx 50 futures slightly down, while Australia’s S&P/ASX 200 rose 0.2%. The fear gauge, India VIX, increased by 1.33% to settle at 13.73 levels. In the forex market, the euro, Japanese yen, and offshore yuan remained relatively stable against the US dollar.
Foreign portfolio investors turned net buyers, purchasing shares worth Rs 483 crore on Monday, while domestic institutional investors bought shares worth Rs 1,870 crore. The net long position of FIIs increased significantly from Rs 25,617 crore on Friday to Rs 57,349 crore on Monday.
