Stock Market Update: Sensex and Nifty Trends Ahead of Key US Data
Market Overview
Domestic equity indices, Sensex and Nifty, opened marginally lower today, reflecting trends in global markets as investors await crucial US inflation data that could impact the Federal Reserve's rate decisions.
Sensex and Nifty Performance
- At 9:26 am, the BSE Sensex was down by 115 points (0.14%) at 81,797.
- The Nifty50 dropped 41 points (0.17%) to trade at 24,999.
The CPI report is expected to indicate inflation approaching the Fed's targeted 2%, potentially allowing for an aggressive 50-basis-point rate cut, if necessary, by the central bank.
Sector Performance
Among stocks in the Sensex pack, significant movers included:
- Tata Motors down over 4% following price cuts on its EVs.
- HDFC Bank and other financial stocks showed weakness.
- Conversely, several FMCG stocks including HUL opened positively.
Global Influences
Concerns over declining global demand led to a fall in Brent crude prices, affecting investor sentiment ahead of the much-anticipated US inflation report. Experts highlight that the dip in crude oil prices signals weakening growth prospects globally.
Future Projections
Analysts suggest that Nifty might find support levels around 25,000 and 24,900, with resistance levels noted at 25,150 and beyond.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.