Stock market today: BSE Sensex and Nifty50 were trading in red on Monday, starting the second week of 2024 on a bearish note. BSE Sensex plunged as much as 500 points, below the 72,000 level and Nifty50 was also below 21,600. At 12:11 AM, BSE Sensex was trading at 71,589.35, down over 430 points or 0.61%. Nifty50 was at 21,576.15, down over 130 points or 0.62%.
The Indian equity market ended the first week of the year on a flat note.The Sensex and Nifty closed marginally lower by 0.3% and 0.1% respectively, while broader markets outperformed by gaining more than 2%.
According to Sudeep Shah, the Deputy Vice President & Head of Technical and Derivative Research Desk at SBI Securities, the market remains mostly stock specific, with action seen in companies that released provisional business updates for Q3FY24. This week, the IT sector will be in focus with results due from major IT names such as Infosys, TCS, Wipro, and HCL Tech.
Mixed economic data, including a strong labor market and weak services activity for December, have sent mixed signals to investors regarding the pace of interest rate easing, said Shah.
On Friday, the frontline indices on Wall Street ended with strong gains. The Dow 30 closed at 37,466.10, up by 25.77 points or 0.07%, while the S&P 500 settled at 4,697.24, higher by 8.56 points or 0.18%. The Nasdaq Composite finished at 14,524.10, up by 13.77 points or 0.09%.
Asian markets were largely trading negative. China’s Shanghai Composite was down by 26.78 points or 0.91%, while Hong Kong’s Hang Seng was down nearly 2%. Singapore’s FTSE Straits Times Index was trading flat at 3,185.63, with a negative bias. Japanese markets were closed.
In the currency market, the rupee appreciated 9 paise to 83.06 against the US dollar in early trade on Monday. This was supported by positive domestic equity markets and an inflow of foreign funds. However, a strong American currency and volatile crude oil prices weighed on the domestic currency.
Brent crude futures, the global oil benchmark, fell today. Brent crude futures were down by $0.840 or 1.070%, trading at $77.920 a barrel, while US West Texas Intermediate crude futures were up 81 cents or 1.120%, trading at $72.980 a barrel.
On Friday, foreign institutional investors (FIIs) were net buyers and purchased Indian equities worth Rs 1,696.86 crore. Meanwhile, domestic institutional investors (DIIs) were net sellers at Rs 3,497.62 crore.
The Indian equity market ended the first week of the year on a flat note.The Sensex and Nifty closed marginally lower by 0.3% and 0.1% respectively, while broader markets outperformed by gaining more than 2%.
According to Sudeep Shah, the Deputy Vice President & Head of Technical and Derivative Research Desk at SBI Securities, the market remains mostly stock specific, with action seen in companies that released provisional business updates for Q3FY24. This week, the IT sector will be in focus with results due from major IT names such as Infosys, TCS, Wipro, and HCL Tech.
Mixed economic data, including a strong labor market and weak services activity for December, have sent mixed signals to investors regarding the pace of interest rate easing, said Shah.
On Friday, the frontline indices on Wall Street ended with strong gains. The Dow 30 closed at 37,466.10, up by 25.77 points or 0.07%, while the S&P 500 settled at 4,697.24, higher by 8.56 points or 0.18%. The Nasdaq Composite finished at 14,524.10, up by 13.77 points or 0.09%.
Asian markets were largely trading negative. China’s Shanghai Composite was down by 26.78 points or 0.91%, while Hong Kong’s Hang Seng was down nearly 2%. Singapore’s FTSE Straits Times Index was trading flat at 3,185.63, with a negative bias. Japanese markets were closed.
In the currency market, the rupee appreciated 9 paise to 83.06 against the US dollar in early trade on Monday. This was supported by positive domestic equity markets and an inflow of foreign funds. However, a strong American currency and volatile crude oil prices weighed on the domestic currency.
Brent crude futures, the global oil benchmark, fell today. Brent crude futures were down by $0.840 or 1.070%, trading at $77.920 a barrel, while US West Texas Intermediate crude futures were up 81 cents or 1.120%, trading at $72.980 a barrel.
On Friday, foreign institutional investors (FIIs) were net buyers and purchased Indian equities worth Rs 1,696.86 crore. Meanwhile, domestic institutional investors (DIIs) were net sellers at Rs 3,497.62 crore.