Indian Equity Markets Open Lower Amid Global Cues

On Monday, Indian equity markets opened in negative territory as the BSE Sensex fell by over 150 points, trading below 82,000. Meanwhile, the Nifty50 slipped under the crucial mark of 24,750. Investors are closely monitoring important global and domestic developments, particularly the upcoming Federal Reserve rate decision.

Market Update

• Opening session highlights
  At 9:18 AM, the BSE Sensex was recorded down by 169 points at 81,964.22, reflecting a decline of 0.21 percent. The Nifty50 was trading at 24,728.20, having lost 40 points, or 0.16 percent.

• Technical outlook
  Despite the initial decline, market analysts maintain a positive sentiment, suggesting that the indices could potentially breach the 25,000 mark in the near term. Conversely, strong support is anticipated around the 24,550 level.

• Key triggers

  • Upcoming manufacturing and services PMI data for India.
  • The U.S. Federal Reserve's meeting, during which a 25 basis point rate cut is largely anticipated.

Global Cues

• U.S. stock markets concluded on a flat note on Friday. The S&P 500 and Dow Jones Industrial Average recorded weekly losses, while the Nasdaq Composite Index managed to gain for the fourth consecutive week.
• Asian stock markets exhibited mixed performance as they awaited critical economic data from China.

Other Highlights

• Oil prices have eased from their recent peaks.
• The U.S. dollar is hovering near a three-week high.
• Eight companies, including Granules, RBL Bank, and SAIL, are currently listed under the Futures & Options (F&O) ban.

Outlook

With robust technical support levels in play and a keen eye on global indicators, the markets may be poised for a recovery from morning losses, contingent on a stabilization of global market sentiment.

Markets, Stocks, Economic