Stock market today: BSE Sensex, Nifty50 open flat in trade
Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened flat in trade on Monday. While BSE Sensex was near 77,600, Nifty50 was below 23,550. At 9:19 AM, BSE Sensex was trading at 77,589.93, up 10 points or 0.012%. Nifty50 was at 23,529.00, down 4 points or 0.016%.
Last week, domestic markets experienced a decline of over two and a half percent, resuming their downward movement after a brief stable period. With a shortened upcoming week due to a holiday and the earnings season mostly complete, market watchers indicate that foreign institutional investor flows will become the primary focus.
Ajit Mishra – SVP, Research, Religare Broking said, “Given the current conditions, a sell on rise strategy remains advisable for the index, while stock selection should be done with caution. For long-term investors, gradually accumulating fundamentally strong stocks with solid earnings could be a prudent approach.”
Technical perspective indicates a downward short-term trend, with potential for recovery above 23,500
US markets closed lower on Friday, with significant losses in S&P 500 and Nasdaq. Asian markets showed early weakness on Monday, responding to US economic indicators.
On Thursday, foreign portfolio investors were net sellers with Rs 1,850 crore, whilst domestic institutional investors purchased shares valued at Rs 2,482 crore.
Foreign institutional investors’ net short position increased from Rs 2.12 lakh crore on Wednesday to Rs 2.21 lakh crore on Thursday.
