Stock market today: Nifty50 opens below 25,700; Sensex sheds over 300 points
Indian stock benchmarks Nifty50 and Sensex opened lower on Monday, extending their decline for a fifth consecutive session. Investor sentiment was impacted by global trade concerns and political uncertainty. Meanwhile, Asian equities saw gains, building on a strong start to the year for global stocks.
Stock market today: Indian benchmarks began the week in red, as benchmark indices Nifty50 traded below 25,500 and Sensex was down over 600 points, on Monday. The indices came under pressure as persistent selling persisted, with investors remaining cautious due to ongoing unrest in Iran and rising crude oil prices.NSE benchmark Nifty50 was trading at 25,495, down 189 points or 0.74% at 11:47 AM. Sensex also plunged 641 points or 0.77%, to trade at 82,935.Ponmudi R, CEO of Enrich Money, said that the markets began on a cautious note, "footing as risk appetite remains restrained amid lingering global uncertainty, continued FII outflows, and geopolitical overhangs."" Volatility is expected to remain elevated, particularly during early trade, with any pullback rallies likely to be short-lived.
The broader market trajectory over the coming sessions will be guided by global developments and upcoming inflation data, which could influence near-term positioning," ANI cited the expert.Meanwhile, Asian equities moved higher, with markets in Hong Kong, Shanghai, Seoul and Taipei gaining after Wall Street closed at a record high on Friday. Stock markets across Bangkok, Manila, Singapore, Kuala Lumpur and Jakarta also registered early gains.
The rally built on a strong start to the year for global stocks, with benchmarks in Frankfurt, London, Paris and Seoul reaching record highs last week, supported by optimism around the technology sector and rising defence shares.In terms of fund flows, foreign institutional investors (FIIs) continued as net sellers, whereas domestic institutional investors (DIIs) offered some support. As of January 9, FIIs sold shares worth Rs 3,769.3 crore in the cash market, while DIIs purchased equities totalling Rs 5,595.8 crore. In commodities, Brent crude prices surged by 0.26% to $63.49 per barrel, further weakening sentiment for domestic equities.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)