Tuesday, 02 January 2024 12:17 GMT

Stock Market Today: Sensex Dips 141 Points, Nifty Steadies At 25,000 Tata Motors Slides


(MENAFN- AsiaNet News)

Indian stock markets began Thursday's session on a cautious note, weighed down by weak global cues. The BSE Sensex slipped 141.32 points to 81,574.31, while the Nifty 50 edged lower by 22.4 points to 25,034.50. In the previous session, Sensex had closed at 81,715.63 and Nifty at 25,056.90, reflecting the market's vulnerability to global headwinds.

Broader Indices Show Mixed Sentiment

The broader market painted a mixed picture. The BSE Midcap index inched up by 23.73 points (0.05%), suggesting some pockets of optimism, while the BSE Smallcap index gave up 16.45 points (0.03%) to trade at 53,757.62. Market breadth was almost evenly split, with 1,150 Nifty stocks in the green, 1,149 in the red, and 114 unchanged, indicating indecision among investors.

Winners and Losers of the Morning Trade

Among Sensex constituents, Bharti Airtel, Trent, Tata Steel, NTPC, and Power Grid emerged as early gainers, with Bharti Airtel leading the pack with a 0.43% rise. On the flip side, Tata Motors, Bajaj Finance, Reliance, Eternal, and Maruti faced selling pressure. Tata Motors was the biggest loser in early trade, dropping over 2.23%.

Gift Nifty Signals Cautious Start

The Gift Nifty, which offers an early view of Nifty 50 futures, suggested a negative start as it opened 52.5 points lower at 25,067 compared to the previous close of 25,119.50. This early signal echoed investor caution as global markets showed volatility.

FIIs Sell, DIIs Step In

Foreign investors continued to offload Indian equities for the third straight session, selling shares worth Rs 2,425 crore on September 24. Domestic investors stepped in to support the market, buying Rs 1,211 crore of equities.

Dr VK Vijayakumar, Chief Investment Strategist at Geojit Investments, explained,“While India's market has underperformed globally-Nifty is down 3.6% YoY versus Hang Seng up 38.6% and Kospi up 33.73%-high valuations have encouraged FIIs to continue selling, while domestic investors are holding ground.”

Asian Markets Mixed Ahead of US Cues

Asian markets showed a mixed performance on Thursday. Japan's Nikkei 225 rose 0.20%, Hong Kong's Hang Seng gained 0.55%, while South Korea's Kospi dipped slightly. China's Shanghai SSE Composite moved up 0.16%, reflecting cautious optimism amid global uncertainty.

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