Today’s stock market performance highlights significant declines across Indian and global indices. Here’s a summary of the key points:
Indian Stock Market
- BSE Sensex: Trading at 76,726.48, down 652 points (-0.84%).
- Nifty50: Trading at 23,229.90, down 202 points (-0.86%).
- Rupee: Hit a lifetime low of ₹86.27 against the US dollar, down 23 paise.
- Factors Affecting the Market:
- Surge in crude oil prices due to supply concerns.
- Strengthening dollar index.
- Anticipation around US non-farm payroll data.
Technical Insights:
- Support: 23,260 (next potential downside).
- Resistance: 23,700 (immediate hurdle).
Global Markets
- US Markets: Declined sharply; S&P 500 erased 2025 gains.
- Employment data reinforced inflation concerns and cautious Federal Reserve rate cuts.
- Asian Markets: Followed US declines, impacted by employment data.
- Oil Prices: Reached 4-month highs, exacerbated by Russian sanctions.
- Dollar: Strengthened against major currencies, adding pressure on emerging markets.
Derivatives Market
- F&O Banned Stocks: Manappuram, RBL Bank, Hindustan Copper, LT Finance, Bandhan Bank.
- FPI/DII Activity:
- FPIs (Foreign Portfolio Investors) sold ₹2,254 crore worth of shares.
- DIIs (Domestic Institutional Investors) purchased ₹3,962 crore worth of shares.
- FII Net Short Positions: Increased to ₹2.77 lakh crore from ₹2.67 lakh crore.
Market Outlook
The ongoing consolidation phase reflects cautious investor sentiment amidst global economic pressures. A decisive move below the current support levels may trigger further downside, while a bounce above resistance could provide short-term relief. Traders should remain vigilant about crude oil trends, US payroll data, and Fed announcements.