Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, plunged in trade on Monday. While BSE Sensex dropped over 550 points, Nifty50 was below 24,150. At around 9:18 AM, BSE Sensex was trading at 79,146.79, down 577 points or 0.72%. Nifty50 was at 24,146.50, down 158 points or 0.65%.
Last week, markets showed high volatility within a confined range, ending slightly higher and breaking a four-week downward trend. Analysts anticipate continued market sensitivity to foreign fund outflows and subdued earnings reports. This week’s focus shifts to US market developments, particularly the November 5 elections and the US Federal Reserve’s policy meeting on November 8.
Market sentiment remains cautious below 24,500, with potential selling pressure at higher levels. Support exists at 24,000, while resistance stands at 24,500 and 24,750, according to an ET report.
US markets closed higher Friday, recovering from previous losses, supported by Amazon’s strong performance despite reduced US job growth. Asian markets show mixed results, with gains in Australia and South Korea, while Japanese markets remain closed. Oil prices increased over $1 following OPEC+’s announcement to postpone December output increase.
The dollar weakened in Asia ahead of US elections and potential interest rate decisions. FPIs sold Rs 5,813 crore worth of shares, while DIIs purchased Rs 3,514 crore.
Foreign Portfolio Investors (FIIs) sold shares valued at Rs 5,813 crore in Thursday’s trading session. In contrast, Domestic Institutional Investors (DIIs) acquired equities worth Rs 3,514 crore.
The net short position of FIIs expanded significantly, rising from Rs 1.22 lakh crore on Wednesday to Rs 1.53 lakh crore by Thursday’s close.