Stock market today: BSE Sensex dips over 200 points, Nifty50 slips below 22,100 – Times of India

by The Technical Blogs

Stock market today: BSE Sensex and Nifty, the Indian benchmark equity indices, started the week on a negative note on Tuesday. While BSE Sensex dipped over 200 points, Nifty50 slipped below 22,100. At 9:24 AM, BSE Sensex was trading at 72,693.62, down over 130 points or 0.19%. Nifty50 was at 22,069.50 down 27 points or 0.12%.
Equity markets experienced a volatile last week, ultimately closing on a positive note following upbeat remarks from the US Federal Reserve.The upcoming truncated trading week is anticipated to see reduced trading volumes and limited market indicators.
However, as we near the March F&O expiry and the end of the financial year, there is a possibility of increased volatility, highlighted Santosh Meena, Swastika Investmart’s Head of Research.
Market experts forecast Nifty to fluctuate between 21,750-22,350 levels, with potential support at 21,650 if it closes below 21,800 and resistance at 22,200.
Across Asia, stock markets displayed mixed trends as US equities retreated from recent highs, triggering concerns of overvaluation. Japanese and Australian stocks fluctuated, while Hong Kong’s Hang Seng futures remained stable.
On Wall Street, the major indexes closed lower as investors braced for inflation data. The Dow Jones, S&P 500, and Nasdaq Composite all recorded losses. The dollar weakened due to profit-taking and pressure from a slightly stronger yen. Other currencies like the New Zealand dollar, sterling, euro, Japanese yen, offshore yuan, and Australian dollar remained relatively stable.
In the F&O segment, stocks of ZEE, Biocon, SAIL, and Tata Chemicals are under a ban today due to breaching the market-wide position limit. Foreign portfolio investors continued to sell for the third consecutive day, while domestic institutional investors bought shares worth Rs 3,764 crore.
The Indian rupee depreciated to a record low of 83.42 on Friday, impacted by the offshore Chinese yuan and heightened local dollar demand. Foreign institutional investors reduced their net short position from Rs 89,349 crore to Rs 72,379 crore by the end of the week.

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