Stock market today: Nifty50 opens in red; BSE Sensex down over 100 points
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, opened in red on Friday. While Nifty50 was below 25,100, BSE Sensex was down over 100 points. AT 9:21 AM, Nifty50 was trading at 25,087.40, down 24 points or 0.10%. BSE Sensex was at 82,121.63, down 138 points or 0.17%.The outlook suggests a consolidation phase, as investors focus on current earnings reports and US-India trade talks. Notable companies reporting results on Friday include Reliance Industries, JSW Steel, and L&T Finance.VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “In July, so far, India has been underperforming most markets, with a dip of 1.6% in Nifty. A significant contributor to the decline is the selling by FIIs. There is a clear pattern in FII activity this year so far. They were sellers in the first three months. For the next three months they turned buyers. And in the seventh month the trends so far indicate further selling unless some positive news reverse the downtrend in the market. Along with selling in the cash market FIIs have been increasing short positions in the derivatives market too, which reflect a bearish outlook. Elevated valuations in India and cheaper valuations in other markets will continue to influence FII activity. ““A significant feature of economic activity in India during the recent years has been the resilience of luxury consumption and weakness in mass consumption. Early indications from Q1 results -good results from hotels industry- indicate continuation of this trend. Niche luxury segments across sectors are likely to do well.”Asian equities showed modest gains at Friday’s opening, bolstered by robust economic data alleviating concerns about the US economy.The S&P 500 and Nasdaq Composite reached new all-time highs on Thursday, driven by positive economic indicators and corporate results demonstrating sustained consumer spending in the United States.Gold prices held steady during early Asian trading on Friday, tracking towards a weekly decline due to a robust dollar and positive US economic indicators.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
