The Indian equity benchmark indices, BSE Sensex and Nifty50, witnessed a decline during the opening session on Thursday. The BSE Sensex experienced a drop of approximately 200 points, while the Nifty50 hovered around 22,300 levels. At 9:35 AM, BSE Sensex was trading at 73,767.43, marking a decline of 86 points or 0.12%. Nifty50, on the other hand, stood at 22,369.05, indicating a fall of 33 points or 0.15%.
Despite the initial downward trend, technical analysts continue to maintain an optimistic outlook for the short-term market sentiment. This sentiment stems from Nifty’s recent performance, having closed above critical moving averages, according to an ET report.
The global markets presented a mixed picture. The S&P 500 managed to close higher in choppy trading, while Asian equity markets faced a decline due to disappointing results from Meta Platforms Inc. Oil prices experienced a slight dip amid concerns about a potential economic slowdown in the U.S. and the likelihood of delayed interest rate cuts. The Japanese yen remained on the weaker side of 155 per dollar, with traders being cautious about possible intervention by Tokyo as the Bank of Japan commenced its two-day rate-setting meeting.
Foreign portfolio investors (FPIs) continued their streak as net sellers for the third consecutive day, offloading shares worth Rs 2,511 crore on Wednesday. Conversely, domestic institutional investors (DIIs) emerged as net buyers, acquiring shares worth Rs 3,809 crore. The rupee exhibited a marginal increase, settling at 83.30 against the US dollar, bolstered by positive domestic equities but counterbalanced by a rising American currency.
Several notable companies, including Bajaj Finance, Nestle, Tech Mahindra, IndusInd Bank, and LTTS, are set to announce their fourth-quarter earnings on Wednesday. These announcements are anticipated to provide further insights into the performance of various sectors..
