Today’s Sensex and Nifty: As the day’s trading session went on, the Sensex fell 637.98 points, or 0.90 percent, to close at 70,422.33, while the Nifty fell 182.95 points, or 0.85 percent, to close at 21,271.00 at 1 pm.
US AND ASIAN MARKET
On Thursday, January 25, Indian benchmark indexes fluctuated close to the zero line due to conflicting signals from the US and Asian markets. The NIFTY 50 opened at 21,454.60, up 0.60 points, or 0.00 percent, while the BSE Sensex opened at 38.21 points, or 0.05 percent lower, at 71,022.10.
As the trading day went on, the Sensex fell 637.98 points, or 0.90 percent, to 70,422.33, while the Nifty fell 182.95 points, or 0.85 percent, to 21,271.00 at 1 pm.
FOR THE PROFESSIONALS
The healthcare, IT, and banking sectors had a worse trend in the early trading hours, as the Nifty Bank index opened 0.05 percent lower at 45,057.90. IT equities pulled down equity benchmark indices following Tech Mahindra’s shocking Q3FY24 net profit loss of 61% to 510.4 crore. Tech Mahindra’s stock plummeted 1,332.65, or 76.45 points, or 5.43 percent.
A day after DLF, the biggest real estate developer in India, reported a 27% increase in standalone profit to Rs 655.71 crore for the December quarter, the real estate and power indexes saw a spike. On Thursday, DLF shares lost some of their early gains before rising 5.85 points, or 0.78 percent, to $753.25.
In relation to the US dollar, the rupee started the day one paisa weaker, at Rs 83.13, than it closed on Wednesday. The US dollar index, which compares the value of the currency to six other currencies worldwide, was barely changed at 103.16, or 0.11 points, or 0.12%.
GEOPOLITICAL TENSION
Due to the US pulling out of its petroleum storage, the ongoing geopolitical tension caused by the coalition of 24 countries continuing to strike the Houthis, and a declining dollar, international oil prices are still high. US oil reserves decreased by 9.2 million barrels, according to the Energy Information Administration. WTI futures stayed high by 0.31 points, or 0.41 percent, at $75.40 per barrel, while Brent oil futures increased by 0.24 points, or 0.30 percent, to $80.28 a barrel.
Asian markets felt the heat following Tesla’s below-expected results, which caused auto shares to decline. South Korea’s Kospi finished 0.65 points, or 0.03 percent, at 2,470.34, while Japan’s Nikkei ended flat at 9.99 points, or 0.03 percent, at 36,236.47. Following the People’s Bank of China, China’s central bank, lowering reserve ratio requirements for banks by 50 basis points, Hong Kong’s Hang Seng reversed losses to gain more than 1.5%.
While investors awaited the GDP news and Elon Musk’s Tesla missed Q4 estimates, the S&P 500 and NASDAQ saw minimal movement. The manufacturer of EVs projected that car volume growth will continue to decline in 2024. At $208.23, Tesla’s shares dropped 0.92 points, or 0.44 percent. In response to Netflix’s impressive earnings, the NASDAQ increased by 0.36 percent to 15,481.92, while the S&P 500 gained 0.08 percent to 4,868.55. The 30-stock Dow Jones Industrial Average (DJIA) dropped to 37,806.39, a 0.26 percent decrease.
