Stock market today: Indian equity benchmark indices, Nifty50 and BSE Sensex, opened in red on Thursday. While Nifty50 was below 26,000, BSE Sensex was down nearly 100 points. At 9:19 AM, Nifty50 was trading at 25,956.40, down 30 points or 0.11%. BSE Sensex was at 85,013.18, down 94 points or 0.11%.Market analysts anticipate range-bound trading in the short term, with focus on currency movements, RBI policy signals, and trade talk progress.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “ The market is currently in the midst of two opposing forces: one negative and the other positive. Sharp depreciation of above 5% in the rupee and RBI’s policy of non-intervention to support the currency is a negative from the FII’s perspective. This has pushed the FIIs back to the sustained selling mode pulling the Nifty down by 340 points from the recent record high.” “The positive factor is India’s improving fundamentals – robust economic growth, low inflation, supportive monetary and fiscal policies and indications of steadily improving corporate earnings. It is important to understand that the negative factor may weigh on the market in the near-term, but the positive factor will dominate in the mid-term enabling the market to resume its upward journey. Therefore, this near-term currency-induced weakness can be used by long-term investors to accumulate high quality large and midcap stocks.”US stock markets finished higher on Wednesday, supported by expectations of a Federal Reserve rate reduction next week, despite Microsoft’s share price decline limiting gains.Asian equities rose as trading began on Thursday, following gains in US markets after additional data indicated a cooling labour market strengthened expectations for the Federal Reserve to reduce interest rates next week.Crude oil edged higher on Thursday following Ukrainian strikes on Russian oil facilities indicating possible supply disruptions, whilst failed peace negotiations dampened hopes for resuming Russian oil supply to global markets, although weak market conditions limited the increase.Foreign portfolio investors sold shares worth Rs 3,207 crore net on Wednesday. Domestic institutional investors were net purchasers at Rs 4,730 crore.The Indian rupee weakened beyond 90 against the US dollar to its lowest ever on Wednesday.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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