Sensex Today: The key benchmark indices started the day on a positive note amid an upbeat mood following the success of Chandrayaan-3 soft-landing on the moon and positive global markets. However, nervousness ahead of the RBI meeting minutes to be released later in the day, followed by the Jackson Hole Symposium tonight weighed on the market sentiment.
The S&P BSE Sensex was up close to 400 points, as it touched a high of 65,914. The gains, however, were short-lived as the BSE benchmark erased them and slipped into the negative zone by early noon deals. The selling accentuated towards the end of the trading session, partly on account to the weekly F&O expiry and the index dropped to a low of 65,182 – down 732 points from the day’s high. The Sensex finally ended with a loss of 181 points at 65,252.
The NSE Nifty 50 swung in a range of 215 points – from a high of 19,584 the index tumbled to a low of 19,369 – before settling 57 points lower at 19,387.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “The near-term market outlook has turned distinctly positive with the US economy’s soft landing narrative lifting sentiments globally and Chandrayaan 3 ‘s successful soft landing on the moon boosting sentiments in India. Weakening US economic data, particularly the decline in US manufacturing PMI from 49 to 47 has led to sharp decline in the US 10-year bond yield by 14 bp to 4.19%. This might turn the short-term cycle of capital flows again in favour of EMs like India. The sudden reversal in the declining trend of INR also is indicative of this shift in global macros favouring India in the near-term.”
“However, investors should remember that sentiments are transient and the medium to long-term trajectory of the market will be driven by economic growth and corporate earnings. So watch out for the big data. The recovery in Bank Nifty, which is driven by fundamentals and fair valuations, augurs well for the Nifty,” he added.
Comments
0 comment