Resistance levels are identified at 24,400-24,500, according to LKP Securities’ Jateen Trivedi. (AI image)

Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in red on Monday following weaker than expected GDP data released on Friday after market hours. While BSE Sensex went below 79,500, Nifty50 was above 24,000. At 9:16 AM, BSE Sensex was trading at 79,451.25, down 352 points or 0.44%. Nifty50 was at 24,048.05, down 83 points or 0.34%.
The domestic markets showed strong recovery on Friday, ending with gains for the second consecutive week. This week, markets are expected to respond to the lower-than-anticipated Q2 GDP figures of 5.4%, which fell short of the projected 6.5%. All eyes are also the RBI’s monetary policy meet later this week.
According to market experts, future investor sentiment will be influenced by geopolitical events and FII movements, with markets likely to maintain a confined range due to mixed global indicators and limited domestic catalysts.
Market sentiment shows improvement with the index maintaining levels above 23,870. Short-term outlook suggests sideways to positive movement, contingent on sustaining above 23,870. Resistance levels are identified at 24,400-24,500, according to LKP Securities’ Jateen Trivedi.
Meanwhile, Asian equities advanced on Monday, following record-breaking sessions on Wall Street, whilst the US dollar recovered from several weeks of lows against Japanese yen and sterling, during a week critical for US interest rate decisions.
Chinese equities received additional support from strong private sector manufacturing data released on Monday, which validated the positive official manufacturing statistics published over the weekend.
The US dollar gained strength after President-elect Donald Trump cautioned BRICS nations against attempting to substitute the US currency with any alternative denomination.
Republished. Link to Original Article: https://timesofindia.indiatimes.com/business/india-business/stock-market-today-bse-sensex-nifty50-december-02-2024-dalal-street-indian-equities-global-markets/articleshow/115881884.cms