Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, tanked in trade on Monday morning. While BSE Sensex went below 77,000, Nifty50 was near 23,250. At 9:16 AM, BSE Sensex was trading at 76,843.16, down 663 points or 0.86%. Nifty50 was at 23,266.05, down 216 points or 0.92%.
Last trading week, which ended on Budget day, witnessed notable market movements with a positive shift, contrasting the previous weeks’ performance.
Market analysts indicate that due to minimal foreign investor engagement during the Budget session, the genuine market response might become apparent in the coming days, helping determine if Budget factors were adequately considered.
Technical Analysis: Nifty maintains positive momentum but faces resistance at 23,500-23,600 levels. Breaking this barrier could lead to 24,000 levels. Support exists at 23,300, according to Nagaraj Shetti of HDFC Securities.
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US markets declined on Friday following Trump’s announcement of tariffs on Canadian, Mexican, and Chinese imports.
The US dollar strengthened, whilst oil prices increased and equity markets declined following US President Donald Trump’s implementation of tariffs on exports from Canada, Mexico and China.
Oil prices increased on Monday following US President Donald Trump’s tariff implementation on Canada, Mexico and China. This raised concerns about crude supply disruptions from two major US suppliers, although potential reduced fuel demand restricted the gains.
The Chinese yuan dropped to its lowest level in offshore trading on Monday, whilst the Mexican peso and Canadian dollar fell to their lowest points in several years. This followed US President Donald Trump’s tariff implementation, sparking concerns about an intensifying trade conflict.
Foreign portfolio investors became net sellers at Rs 1,188 crore on Friday, whilst DIIs purchased shares worth Rs 2,232 crore.
FIIs’ net short position moved marginally from Rs 1.73 lakh crore on Friday to Rs 1.74 lakh crore on Saturday.
