Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, erased all gains in trade on Monday, ending in red after touching lifetime highs during the day. BSE Sensex touched the 76,000 mark in intraday trade and Nifty50 crossed the 23,100 level. BSE Sensex ended the day at 75,390.50, down 20 points or 0.026%. Nifty50 closed the day at 22,932.45, down 25 points or 0.11%.
According to Vinod Nair, Head of Research, Geojit Financial Services, “The bulls are facing stiff resistance at 23,000 levels as investors start booking profit at higher levels to avoid any knee jerk reaction in the market ahead of the election result.Better earnings growth, the expectation of a revival in private capex, and a moderation in FIIs selling intensity are the key positive triggers in the market. The release of India’s Q4 GDP and US inflation figures this week will also influence investors to get a direction in the near term.”
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Market experts attribute the strength of the market to factors such as short-covering in index futures, delivery-based buying in frontline stocks, and a sharp decline in FII selling. They believe that while election-related uncertainty may cause some volatility, it is unlikely to cause major jitters in the market this week.
Asian shares edged higher as investors prepared for a data-heavy week, culminating in a crucial U.S. inflation report that could set the stage for a potential interest rate cut in the future.
Oil prices remained steady, with markets awaiting the OPEC+ meeting on June 2, where producers are expected to discuss maintaining voluntary output cuts for the remainder of the year.
The Indian rupee strengthened by 4 paise to 83.06 against the US dollar in early trade, while the dollar index declined 0.02% to 104.7 level.
Republished. Link to Original Article: https://timesofindia.indiatimes.com/business/india-business/stock-market-today-bse-sensex-nifty50-may-27-2024-dalal-street-indian-equities-top-reasons-us-federal-reserve-lok-sabha-elections/articleshow/110449538.cms