The domestic stock market started strongly on Tuesday, but this gain did not last long and within minutes the market went into decline. At the start of trading, the BSE Sensex had climbed about 149 points to reach the level of 75,652, but soon slipped by 115 points to around 75,387.
Similarly, the Nifty 50 also came under pressure after an initial surge. At opening, it was at the level of 23,461 with a gain of about 53 points, but shortly after, it fell by 41 points to close to 23,367.
Top Gainers and Losers Stocks
In early trade, some stocks on Nifty 50 showed a buying trend, providing partial support to the market. Stocks like Bharti Airtel, Maruti Suzuki, Asian Paints, Bharat Electronics, and InterGlobe Aviation were among the top gainers.
On the other hand, weakness was seen in the IT sector. Infosys, Tata Consultancy Services, HCL Technologies, Tech Mahindra, and Bajaj Finserv were among Nifty’s top losers, keeping the market under pressure.
Expert Opinion on Today’s Market
According to Anand James, Chief Market Strategist at Geojit Financial Services, the initial phase of recovery towards the 23,600 level in Nifty 50 has been as expected. However, he indicated that it might be difficult to see the same rapid pace and enthusiasm in the market today as before.
He states that by the end of the previous session, the market had lost about 38% of its gains, which has slightly weakened the possibility of a sharp rebound for now. Therefore, it would be premature to assume that Nifty will directly reach the 23,990 level.
According to the expert, a fall to 23,276 is possible in the early phase of today’s trade. After this, the market may remain range-bound for some time or attempt a slight recovery, but currently, strong bullish signals are less visible.
Rupee Weakens Against Dollar
In early trade on Tuesday, the Indian Rupee fell by 14 paise to 92.42 against the US Dollar. Rising crude oil prices and ongoing tensions in the Middle East have put pressure on foreign investor outflows, which is clearly visible on the Rupee.
According to forex traders, the weakness in the domestic stock market and the strength of the US Dollar have also kept the Rupee under pressure. Investors are currently cautious and awaiting the Federal Reserve’s interest rate decision.
In the interbank foreign exchange market, the Rupee opened at 92.35 and later slipped to 92.42 per dollar, representing a 14 paise drop from its previous closing level.
It is worth noting that on Monday, the Rupee closed with a slight gain at 92.28 per dollar. However, in recent days, it has been among Asia’s weakest performing currencies and had also touched an intraday low of 92.47 last week.
