Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, started trade on a choppy note on Thursday. While Nifty50 was near 24,650, BSE Sensex was below 81,300. At 9:16 AM, Nifty50 was trading at 24,654.25, down 13 points or 0.051%.BSE Sensex was at 81,295.03, down 36 points or 0.044%.Market experts anticipate continued positive trends in Indian markets, backed by reduced geopolitical risks, developments in trade deals, and strengthening macroeconomic indicators.VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “The market appears to be heading for a near-term consolidation phase with the mid and smallcaps outperforming. The sustained robust FII buying which lifted the largecaps is likely to weaken in the new context of trade deal emerging between US and China. The possibility of a ‘Sell India; Buy China’ tactical FII trade cannot be ruled out now.This will weigh on largecaps and strengthen the case for further rally in mid and smallcaps, despite the valuation concerns.“The defence stocks are again witnessing renewed buying after the prime minister’s appreciation of the performance of made in India defence weapons. The medium to long-term prospects of defence companies, particularly those of exporters, look bright. However, the valuations of these stocks are high and , therefore, investors have to be cautious.”US markets showed mixed results as the S&P 500 recorded modest gains during Wednesday’s subdued trading. Investors remained cautious while awaiting fresh economic data following earlier optimism from inflation figures and improved US-China trade relations.Asian markets retreated on Thursday, breaking a four-session winning streak, as the enthusiasm from US-China trade discussions began to wane.Oil prices dropped almost $1 during early Thursday trading, influenced by discussions surrounding a potential United States-Iran nuclear agreement. Additionally, unexpected increases in US crude stockpiles last week raised concerns about surplus supply.Gold prices increased slightly on Thursday as traders capitalised on reduced prices following the previous session’s one-month low. Market participants are awaiting the US Producer Price Index figures for clearer economic indicators.Foreign portfolio investors purchased shares worth Rs 932 crore net on Wednesday. Domestic institutional investors were net purchasers at Rs 316 crore.Foreign institutional investors’ position in futures trading decreased from Rs 36,500 crore net short on Tuesday to Rs 34000 crore net short on Wednesday.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
