Stock market today: Nifty50 opens flat; BSE Sensex near 80,900
Stock market today:
Nifty50
and
BSE Sensex
, the Indian equity benchmark indices, opened flat in trade on Tuesday. While Nifty50 was near 24,700, BSE Sensex was hovering near 80,900. At 9:19 AM, Nifty50 was trading at 24,690.05, up 9 points or 0.037%.
BSE Sensex was at 80,885.66, down 5 points of 0.0066%.
Market experts anticipate continued pressure due to varied Q1 results, ongoing FII outflows and stalled progress in India-US trade negotiations as the deadline approaches.
VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, 'There are more headwinds than tailwinds for the market now. The major issue weighing on markets is that the expected trade deal between India and the US has not happened so far and the probability of a deal before the August 1 deadline is becoming lower.
President Trump's success in reaching deals with Japan and EU, which were advantageous for the US, may further make the US position harder on deal with India.
It remains to be seen what transpires before August 1st deadline.'
'Further more, there are threats of more tariffs on countries that trade with Russia if Russia doesn't reach a deal with Ukraine on stopping the war. The threat of tariffs on pharmaceuticals is another concern.
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President Trump, having tasted blood in deals so far, is likely to act tough, going forward. This is a concern. Sustained FII selling is impacting the market despite the DII buying. It is better to remain in a wait and watch mode.
"
The S&P 500 achieved its sixth consecutive record close with minimal gains on Monday, whilst the Nasdaq also reached a new closing high in volatile trading. Investors evaluated the US-EU trade agreement whilst preparing for significant market events this week.
Asian equities face downward pressure on Tuesday following flat US trading, as investors remain cautious before crucial economic data and corporate results.
Gold prices declined during early trading on Tuesday, affected by diminishing worries about global trade conflicts and a robust US dollar. Market participants remained attentive to the Federal Reserve policy meeting for guidance on interest rates.
Oil prices rose further on Tuesday, supported by anticipated improvements in economic activities following the US-EU trade agreement, potential US-China trade resolution, and President Donald Trump's reduced timeline for Russia regarding the Ukraine conflict.
Foreign portfolio investors sold shares worth Rs 6,082 crore on Monday. Domestic institutional investors purchased shares worth Rs 6,765 crore.
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