On Tuesday morning, Indian equity benchmarks BSE Sensex and Nifty50 saw a notable rebound following a sharp decline the previous day. The BSE Sensex surged past the 79,600 mark, while the Nifty50 rose above 24,300. By 9:16 AM, the BSE Sensex was up 920 points, or 1.17%, trading at 79,679.64. The Nifty50 had increased by 274 points, or 1.14%, reaching 24,329.80.
The significant drop in global equities led to a nearly 3% decline in Indian markets on Monday, driven by concerns over a US economic slowdown. Siddhartha Khemka, Head of Retail Research at Motilal Oswal, anticipates continued volatility due to upcoming RBI policies, global uncertainties, and fears of a US recession. He noted that the Federal Reserve might eventually cut interest rates, which could offer some relief.
Nagaraj Shetti of HDFC Securities highlighted that the Nifty’s short-term trend remains bearish, with a generally weak chart pattern across various time frames. Meanwhile, global market futures, including those for the S&P 500, Hang Seng, Nikkei 225, Australia’s S&P/ASX 200, and Euro Stoxx 50, showed positive movements.
In the forex market, the euro held steady at $1.0956, while the Japanese yen depreciated by 0.8% to 145.40 per dollar. The offshore yuan remained stable at 7.1435 per dollar. Oil prices also saw gains, with Brent crude futures up 1.6% to $77.55 per barrel and U.S. West Texas Intermediate crude futures rising 1.9% to $74.29, as concerns over potential Middle Eastern supply disruptions outweighed recession fears.
Today, several stocks including India Cements, Granules, BirlaSoft, Indiamart, RBL Bank, GNFC, Chambal Fertilisers, and Hindustan Copper are under the F&O ban period. Foreign portfolio investors were net sellers on Monday, offloading shares worth Rs 10,073 crore, while domestic institutional investors purchased shares worth Rs 9,155 crore. Notably, companies such as PFC, Vedanta, Tata Power, TVS Motor, and Shree Cements, among 132 others, are scheduled to release their first-quarter results today.
