Stock market today: BSE Sensex drops over 300 points, Nifty50 below 21,400 level – Times of India

by The Technical Blogs


Stock market today: BSE Sensex and Nifty50, the benchmark equity indices for Indian stock markets, opened in red on Wednesday. BSE Sensex dropped over 300 and Nifty50 dipped below 22,400 level. At 9:20 AM, BSE Sensex was trading at 73,577.41, down 326 points or 0.44%. Nifty50 was at 22,368.40, down 85 points or 0.38%.
Equity markets pulled back from recent record highs and ended the day flat on Tuesday, with expectations of volatility looming over global markets in the coming days.Siddhartha Khemka, Head of Retail Research at Motilal Oswal, stated that after the strong movement in the previous session, he anticipates a period of consolidation considering various key events ahead.
The tech view suggests that a breakthrough above 22500-22600 levels could lead to further gains for Nifty.
In the US, stocks dipped as concerns grew about the US Federal Reserve delaying interest rate cuts and Tesla’s shares declining due to lower quarterly deliveries. Asian markets followed suit with losses, driven by speculations of extended higher interest rates by major central banks.
Oil prices rose due to a significant drop in US crude inventories and rising geopolitical tensions, pushing Brent futures up by 0.22% to $89.12 per barrel. The dollar remained strong, keeping the yen subdued, albeit with Tokyo’s intervention threats limiting its decline.
Hindustan Copper was among the stocks in the F&O ban period, triggered by breaching the market-wide position limit. Foreign portfolio investors continued to be net sellers for the second consecutive day, while domestic institutional investors bought shares worth Rs 1,953 crore.
The rupee closed marginally lower against the US dollar at 83.42, influenced by a firm dollar and elevated crude prices. Additionally, FIIs increased their net short position from Rs 21,587 crore to Rs 15,427 crore. The market outlook remains cautious amidst global economic uncertainties and upcoming data releases.


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