Updated February 20th, 2024 at 09:43 IST

Nifty, Sensex open lower tracking Asian peers

At 9:30 am, Sensex was trading 131.73 points lower at 72,576.42 and Nifty 50 was trading 48.15 points lower at 22,074.10.

Reported by: Business Desk
Stock market dip | Image:Pixabay
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Stock market news: Benchmark indices, S&P BSE Sensex and NSE Nifty 50 opened lower on Tuesday, tracking their Asian peers after China's efforts to support its property markets failed to excite investors, amid fading hopes of an early US rate cut also weighed on sentiment.

At 9:30 am, Sensex was trading 131.73 points lower at 72,576.42 and Nifty 50 was trading 48.15 points lower at 22,074.10.

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Most sectoral indices are displaying a bearish stance during early trade with Nifty Auto falling as much as 1 per cent. Nifty Media and Nifty Realty, up nearly 2 per cent, are the top gainers among the sectoral indices during early trade.

“Dalal Street's optimism remains unyielding as the Nifty surges to a new all-time high of 22,186.65, sustaining its upward trajectory with a series of higher highs/lows. Despite concerns over higher inflation and a hawkish stance from the Federal Reserve, the benchmark index stands resilient. Market sentiment leans towards the belief that sticky inflation is transitory, driving optimism among investors. Bulls are determined to explore uncharted territories, eyeing new highs as critical support holds firm at 21,809 and major resistance looms at the all-time high of 22,187,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

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“Attention turns to the upcoming FOMC and RBI minutes on February 22 for further market cues. Meanwhile, the MSCI Global Standard Index sees a rejig with the inclusion of five new stocks. Crude oil prices surge amid geopolitical tensions and supply restrictions. Trade recommendations advocate buying opportunities for Nifty and Bank Nifty, with specific targets and stop levels provided,” Tapse added.

Tapse also said that stocks like GMR Infra, Adani Ports, Dixon Technologies, Voltas, and Torrent Pharma present bullish outlooks for intraday trading with an inter-week perspective. Adani Enterprises emerges as a top stock pick with a strong rationale based on its higher high/low pattern, he added.

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Published February 20th, 2024 at 09:43 IST