Indian equity benchmarks, BSE Sensex and Nifty50, started Tuesday in positive territory but quickly turned negative. As of 9:24 AM, the BSE Sensex was trading at 82,514.01, down by 46 points or 0.056%, while the Nifty50 was at 25,266.40, down by 12 points or 0.049%.
The Indian markets kicked off September on a strong note, buoyed by favorable global cues and positive investor sentiment. “As we move forward, it’s important to remain cautious and not be overly influenced by Nifty’s recent winning streak. Selective stock picking and maintaining light positions are advisable. Additionally, keeping a close watch on global markets, which have significantly influenced our market’s early movements, is crucial,” said Osho Krishan, Senior Analyst – Technical & Derivatives at Angel One.
Despite encountering resistance around the 25,350 mark (1.382% Fibonacci extension), Nifty’s short-term trend remains intact. A decisive breakout above 25,400 could set the stage for an upward target of 25,800, with immediate support at 25,100, according to Nagaraj Shetti of HDFC Securities.
Global markets showed mixed signals, with S&P 500 futures holding steady, Hang Seng futures inching up, and Euro Stoxx 50 futures dipping slightly. The Japanese yen and offshore yuan saw little change against the dollar.
Meanwhile, Balrampur Chini Mills and Hindustan Copper are under the F&O ban today, having exceeded 95% of the market-wide position limit.
Foreign portfolio investors (FPIs) turned net buyers on Monday, purchasing shares worth ₹1,735 crore, while domestic institutional investors (DIIs) sold shares worth ₹356 crore. The net long positions of FIIs decreased from ₹2.43 lakh crore on Friday to ₹2.33 lakh crore on Monday.
