Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in red on Thursday. While BSE Sensex was below the 78,000 mark, Nifty50 was below 23,650. At 9:16 AM, BSE Sensex was trading at 77,943.31, down 205 points or 0.26%. Nifty50 was at 23,632.40, down 57 points or 0.24%.
On Tuesday, markets recovered from intraday lows to end flat, with volatility driven by reduced GDP growth forecasts and wariness before third-quarter results. Analysts indicated that rising US bond yields and expectations of fewer US Federal Reserve rate cuts could dampen near-term market sentiment.
“We expect markets to remain volatile until concerns relating to the new virus ease out. We could see stock/sector specific action on the back of pre-quarterly business updates and the start of the Q3 result season,” said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal.
Breaking above 23,800 could signal an upward movement, with support at 23,496, according to Nagaraj Shetti of HDFC Securities. India VIX decreased 1.33% to 14.46.
US markets ended steady on Wednesday, as investors evaluated conflicting employment data and reports about potential presidential economic measures. Asian markets declined, with S&P 500 futures down 0.2%, Hang Seng futures dropping 0.2%, and Japanese and Australian indices showing losses.
FIIs sold shares worth Rs 2,575 crore, while DIIs purchased Rs 5,749 crore. FII net short position increased to Rs 2.38 lakh crore.
