Sensex, Nifty Set for Cautious Start After Snap Winning Streak
Indian stock markets are poised for a cautious opening on Tuesday, mirroring weak global cues. This follows a decline on Monday that ended a three-day rally for the benchmark indices.
Key Market Levels
- Sensex: Fell 363 points (0.47%) to close at 76,456.59.
- Nifty 50: Declined 19 points (0.08%) to settle at 23,264.85.
- Gift Nifty: Indicated a flat-to-muted start for the domestic session.
Analysts expect the market to consolidate in a range due to a lack of fresh domestic triggers.
“The market is likely to consolidate in a range in the near term. The Nifty is facing resistance near the 23,400 level, while support is seen at 23,100,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Global Markets Under Pressure
Weakness in global markets is weighing on sentiment. US stocks fell overnight, dragging Asian indices lower on Tuesday.
- Dow Jones: Down 0.6%
- S&P 500: Down 0.3%
- Nasdaq: Down 0.1%
- Nikkei 225: Down 0.5%
- Hang Seng: Down 0.8%
Domestic Factors in Focus
Back home, investors are monitoring key domestic variables:
- Monsoon Progress: Crucial for the economy, coverage is complete but rainfall remains uneven.
- Rupee Movement: The Indian rupee closed at 83.51 against the US dollar on Monday.
- Corporate Action: Stocks like , , and will be in focus.
