Sensex Today Live: Indian benchmark indices were up at pre-open on Tuesday, tracking mixed signals from global markets that were trading mixed. Sensex was up 195.94 points, or 0.26%, at 75,586.44 and Nifty was up 44.70 points, or 0.19%, at 22,977.15 during pre-open.
The Indian stock market is projected to start Tuesday’s trading session flat, influenced by mixed global market trends. The Gift Nifty’s trends suggest a flat-to-positive opening for the Indian benchmark index, trading around the 23,020 level, nearly 20 points premium from the Nifty futures’ previous close.
Monday’s trading session saw the domestic equity benchmark indices ending flat, despite reaching new record highs. The Sensex slightly declined by 19.89 points to close at 75,390.50, while the Nifty 50 fell by 24.65 points (0.11%) to settle at 22,932.45. The Nifty 50 formed a bearish candlestick pattern at the all-time high level on the daily charts, indicating profit booking.
Subash Gangadharan, Senior Technical/Derivative Analyst at HDFC Securities, suggested that Monday’s negative closing appears to be a breather following the recent sharp rise. He noted that the Nifty continues to hold above the 20 and 50-day SMA, with a rising 14-day RSI of 66.63, which is not overbought. While further upsides and new life highs are expected in the run-up to the election results, he cautioned about potential volatile movements in the very near term.
Overall, the Indian markets are likely to start on a muted to positive note, tracking global peers. Asian shares held a mixed tone on Tuesday after rallying the previous session, as rising bets of an imminent European rate cut helped risk appetite ahead of some key inflation data. Investors are closely monitoring comments from European Central Bank officials and other crucial economic data.
With a slew of European Central Bank officials indicating room for interest rate cuts and markets fully pricing in two rate cuts by October this year, Wall Street stock futures rose ahead of the reopening of U.S. markets after a public holiday. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4%, with Hong Kong’s Hang Seng index gaining 0.7%.
As investors await key inflation data and rate guidance from the Federal Reserve, the trading tone will be set by U.S. figures on core personal consumption expenditures (PCE) and euro zone inflation data later in the week. In the foreign exchange markets, the dollar was on the back foot for the third straight session as traders positioned for the PCE release.
Oil prices remained steady on Tuesday, with Brent futures rising 0.1% to $83.19 a barrel. Gold prices also climbed for a third day, up 0.1% at $2,354.23 per ounce.
Overall, the Indian stock market is poised for a flat-to-positive opening, with global cues and key economic data driving investor sentiment. Stay tuned for more updates as the trading session progresses.
