Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in red on Tuesday. While BSE Sensex sunk over 400 points, Nifty50 was below 22,350. At 9:16 AM, BSE Sensex was trading at 73,694.68, down 420 points or 0.57%. Nifty50 was at 22,322.20, down 138 points or 0.61%.
Indian markets closed lower on Tuesday, with declines led by banking, automobile and FMCG sectors. Jatin Gedia, Technical Research Analyst at Mirae Asset Sharekhan, observed that Nifty experienced bidirectional movements on Monday before closing in negative territory.
“It can drift towards 22,405 – 22,320 which are the 38.2% and 50% Fibonacci retracement levels of the recent rise. Daily momentum indicators have a positive crossover which is a buy signal and hence this dip towards the support zone should be considered as a buying interest. On the upside, we expect 22,800 – 23,000. Crucial support is at 22,250- 22,230,” Gedia said.
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Ajit Mishra, Senior Vice President – Research at Religare Broking, noted that the 20-day EMA resistance restricted upward movement and initiated profit booking. “For the market to surpass the short-term resistance of the 20-day EMA at 22,700, a fresh catalyst is needed. However, mixed global cues and the underperformance of the banking index remain key hurdles. Amid all, we suggest continuing with a positive yet cautious approach in the prevailing scenario, with focus on stock selection and risk management,” Mishra said.
US equities declined sharply on Monday with concerns over tariff disputes and potential government shutdown leading to heightened recession worries in the US economy.
Asian equities declined for the third straight session on Tuesday, following US market weakness that saw Nasdaq 100 recording its poorest performance since 2022, with concerns over tariffs and government personnel changes affecting the largest global economy.
Gold prices remained stable on Tuesday as traders awaited crucial inflation data to evaluate Federal Reserve’s rate decisions, whilst monitoring trade tensions and economic growth concerns following US presidential tariffs.
The Japanese yen strengthened to near five-month peaks on Tuesday, becoming the preferred safe-haven currency as concerns over US growth slowdown affected US equities and dollar performance.
FIIs were net sellers with Rs 2,035.10 crore outflow on Monday, whilst DIIs were net buyers with Rs 2,320.36 crore inflow.
