The Indian benchmark indies declined severely on Tuesday as the Sensex fell over 329 points to close trade at 74,529 and the Nifty fell more tha 80 points to end trade at 23,329 at 3:30 PM.
Previously, during the early morning session, the Sensex climbed a little over 100 points and crossed 74,950, while the NSE Nifty50 rose nearly 50 points and traded above 23,450, as of 9:15 AM.
Indian equity markets are likely to take cues from the positive global sentiment on Tuesday as US markets ended significantly higher and key Asian indices traded in positive territory.
Brent crude, the global oil benchmark, was trading 0.80 per cent higher at USD 101.1 per barrel. A slight cooling in crude prices and US 10-year bond yields has supported risk-on sentiment in US equity markets, according to V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited.
“This positive development will reflect in other equity markets, too. In India, there will be renewed focus on the secondary market since the NSE IPO is over and as refunds start coming in that will add to the liquidity in the market,” Vijayakumar said.
Asian Markets Trade Higher
In Asian markets, South Korea’s Kospi, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index were trading in positive territory.
US markets ended significantly higher on Monday, adding to the positive global cues.
Ponmudi R, CEO of Enrich Money, an online trading and wealth-tech firm, said optimism was building around a potential meeting between US President Donald Trump and Iranian President Masoud Pezeshkian.
“While Iran and the US exchanged threats of further escalation over the weekend, optimism is building around a potential meeting between US President Donald Trump and Iranian President Masoud Pezeshkian, who is expected to be in New York for the UN General Assembly this week,” Ponmudi said.
FII Selling Remains A Key Factor
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 576.20 crore on Monday, according to exchange data.
Despite the foreign investor selling, Indian benchmarks ended higher for the fourth consecutive session.
The Sensex jumped 564.03 points, or 0.76 per cent, to settle at 74,858.99 on Monday.
The Nifty also gained 67.90 points, or 0.29 per cent, to close at 23,414.30, marking its fourth straight session of gains.
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