Stock market today (AI image)

Stock market today: Indian equity benchmark indices, Nifty50 and BSE Sensex, opened in red on Tuesday on weak global cues. While Nifty50 went below 25,950, BSE Sensex was down over 120 points. At 9:19 AM, Nifty50 was trading at 25,902.85, down 39 points or 0.15%.

BSE Sensex was at 84,567.40, down 128 points or 0.15%.According to experts, the stock market is expected to remain range bound in the near term, with investors closely tracking macroeconomic cues and institutional fund flows for direction.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “The year-end trend, though weak, doesn’t indicate a directional change in the market. The advance-decline ratio was far in favour of declines and this led to decline in Nifty by 100 points yesterday.

But it is important to note that this decline happened on thin volumes. A clear directional change will happen only early in the new year when large institutions are back in action.

”“It would be better for investors to watch the market now and wait for new triggers and new directional moves. However, weakness in the market can be used to nibble at high quality large caps. The auto sales numbers expected in two days will give an indication of the sustainability of the consumption boom in the economy.

This is significant from the economic growth perspective, too.”Global cues were mixed as Wall Street’s key indices ended lower on Monday, starting the final week of the year on a weak note. The decline was led by heavyweight technology stocks, which retreated after last week’s rally had pushed the S&P 500 to record highs.Asian markets on Tuesday mirrored the cautious sentiment, with a seven day rally in regional stocks coming to a pause as technology led losses in the US spilled over.

Precious metals also showed volatility, with gold and silver fluctuating after slipping from fresh all time highs.In currency markets, the US dollar traded steady on Tuesday ahead of the Federal Reserve’s release of minutes from its December policy meeting. On the domestic front, foreign portfolio investors continued to pare their exposure, selling equities worth Rs 2,760 crore on Monday. Domestic institutional investors, however, provided support to the market, emerging as net buyers to the tune of Rs 2,643 crore.(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)