Stock market today: Nifty50 opens above 24,900; BSE Sensex up over 200 points
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, opened in green on Monday on positive global cues. While Nifty50 was above 24,900, BSE Sensex was up over 200 points. At 9:17 AM, Nifty50 was trading at 24,939.35, up 69 points or 0.28%. BSE Sensex was at 81,552.03, up 245 points or 0.30%.Market analysts anticipate continued support for Indian equities, driven by positive outlook surrounding GST 2.0 reforms and robust domestic macroeconomic indicators. Market sentiment will be influenced by clarity on US tariff measures against India and forthcoming GDP figures from both nations.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “Fed chief Powell’s remark at Jackson Hole that ‘there is a downside risk to unemployment and shifting risk balance may warrant policy adjustment’ clearly indicates a rate cut in September. The US stock market gave a thumps up to this comment. This positive factor may not get reflected in the Indian market since tariff concerns are likely to weigh more. Now, with the Russia-Ukraine war lingering, the 25% penal tariff on India for buying oil from Russia, is likely to come into effect from August 27th onwards. Even though 50% tariff is unlikely to significantly impact India’s growth, there will be adverse impact on India’s exports and loss of jobs in labour-intensive sectors like textiles, gems and jewellery and leather. The sentimental impact of this development will be negative from the market perspective. FII selling, too, can impact the market. Domestic-consumption segments like financials, telecom, aviation, hotels , cement and segments of capital goods are better placed to withstand the adverse headwinds.”The Dow Jones Industrial Average increased by 846.24 points, or 1.89%, to 45,631.74, exceeding its previous record from December 4, 2024. The S&P 500 rose 96.74 points, or 1.52%, closing at 6,466.91, whilst the Nasdaq Composite increased 396.22 points, or 1.88%, to 21,496.54.Asian markets opened higher, following Wall Street’s upward trend, after Federal Reserve Chairman Jerome Powell indicated potential interest rate reductions.Crude prices showed modest gains on Monday following Ukrainian attacks on Russia, raising concerns about potential disruption to Russian oil supplies. Additionally, anticipated US interest rate reductions supported prospects for global economic growth and fuel consumption.(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)
