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Indian benchmark equity indices, BSE Sensex and Nifty 50, opened with a subdued yet positive bias on Tuesday
Stock Market Updates
Sensex Today: Indian benchmark equity indices, BSE Sensex and Nifty 50, opened with a subdued yet positive bias on Tuesday, following mixed global cues.
At the opening bell, the BSE Sensex stood at 81,564.14, up by 55.68 points, or 0.07%, while the Nifty 50 was at 24,624.20, rising by 5.20 points, or 0.02%.
Anand James, Chief Market Strategist at Geojit Financial Services, said: “Yesterday’s slow decline and consolidation in the vicinity of 24,600 sets up a window for an upswing early today. But we will wait for consistent trades above 24,740 to chase rallies. Be warned of slippages to 24,530-24,380 should Nifty show reluctance to float above 24,650. Alternatively, a direct rise above 24,740 could call for sizable upsides, but we do not see enough momentum to get us to 25,262-600 right away.”
Global Cues
Markets in the Asia-Pacific region were generally positive on Tuesday, with traders reacting to Beijing’s announcement of “more proactive” fiscal measures and a “moderately” looser monetary policy next year, aimed at boosting domestic consumption.
Hong Kong’s Hang Seng index, which had surged nearly 3% following the announcement, extended its gains by another 3.2% on Tuesday. Similarly, the CSI 300 was up by 3.66%, and the Shanghai Composite gained 2.58%.
In Japan, the Nikkei 225 rose by 0.32%, while the Topix increased by 0.41%. South Korea’s Kospi gained 2.27%, and the small-cap Kosdaq was up by 4.6%, although investors in the region continued to monitor the ongoing political situation.
However, global equities had dipped on Monday, as traders focused on US inflation data, while chip stocks experienced losses. Meanwhile, oil and gold prices rose more than 1% due to Beijing’s promise of more stimulus measures and the sudden collapse of the Syrian government.
The release of US inflation data this week could influence expectations for a December interest rate cut by the Federal Reserve. China’s shift in its stance toward monetary policy marked its first change since 2010, with Beijing pledging stimulus to encourage growth in the coming year.
The rapid collapse of Syrian President Bashar al-Assad’s 24-year regime added to tensions in the Middle East, further complicating an already volatile situation.
On Friday, US employment data was strong enough to ease concerns about economic resilience, but not robust enough to rule out a rate cut by the Federal Reserve.
MSCI’s global stock index fell 0.23%, or 2.05 points, to 871.68, while US stock markets saw declines: The Dow Jones Industrial Average dropped 240.59 points (0.54%) to 44,401.93, the S&P 500 fell 37.42 points (0.61%) to 6,052.85, and the Nasdaq Composite lost 123.08 points (0.62%) to 19,736.69. Chipmaker Nvidia saw a 2.5% drop after China’s market regulator launched an investigation into the company for suspected anti-monopoly violations.
On a positive note, European shares closed at their highest levels in six weeks on Monday, led by mining and luxury stocks. The STOXX 600 index edged up 0.1%, marking its eighth consecutive session of gains.
