Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, tanked in trade on Tuesday. While Nifty50 went below 24,750, BSE Sensex was trading below 81,400. At 10:16 AM, Nifty50 was trading at 24,754.95, down 246 points or 0.98%. BSE Sensex was at 81,321.75, down 855 points or 1.04%.Market analysts anticipate continued upward momentum in Indian markets, supported by robust domestic fundamentals and favourable global market conditions.VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “In the near-term the market is likely to consolidate around the current levels. Since mutual funds are sitting on sizeable cash any dip will be bought into and high valuations will trigger selling on rallies. A sustained rally will happen only when leading indicators suggest revival in earnings growth. That is some time away.“An important trend in the market now is the slow accumulation in rate sensitives like autos in anticipation of more rate cuts which are almost sure to happen since inflation is trending down. A significant feature of the SIP flows during this phase of the market is that investors are staying invested for longer time periods than in the past. This will provide support to the market.”Asian markets opened cautiously on Tuesday as traders awaited new developments in trade that could influence US asset sentiment.The dollar remained weak on Tuesday as investors expressed concerns about comprehensive tax and spending legislation and its potential impact on American debt structure, affecting sentiment towards US-based assets.Gold prices increased on Tuesday due to a declining dollar and worries about the US fiscal situation. Traders awaited additional information regarding trade policies following US President Donald Trump’s decision to delay planned tariff increases on European products.Foreign portfolio investors purchased shares worth Rs 136 crore net on Friday, whilst domestic institutional investors acquired Rs 1746 crore net.FIIs’ net short position in futures trading decreased from Rs 54,197 crore on Friday to Rs 51,312 crore on Monday.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
