After Monday’s fall, the Indian stock market also opened with a fall on Tuesday. At the beginning of the session, both BSE Sensex and NSE Nifty fell flat. Today the BSE Sensex reached a loss of 125.42 in the opening trade itself. However, the effect of the fall in retail inflation data on Monday evening is visible on the market, due to which the market has not opened with a big fall today.
BSE Sensex fell 125.42 points to 52,704.32 points and NSE Nifty Nifty fell 30.20 points to 15,744.20 in early trade. About 1118 shares rose and 814 shares fell, while 85 shares remained unchanged. The Indian market is in negative even on the second day of the week due to global pressure and other factors.
Investors will now keep an eye on the announcement of the next policy of the US Federal Reserve, which is to be held on Wednesday. The market is apprehensive that a rise in US interest rates will push the economy into recession. Because of this, the market is trading at a lower level continuously. The stock markets around the world are facing heavy selling these days.
India’s retail inflation eased to 7.04% in May, after touching an eight-year high of 7.79% in April, but remained above the central bank’s tolerance band for a fifth month in a row, suggesting it would continue with rate hikes in August.
Nifty will deliver zero returns in next 12 months, predicts Jefferies top strategist
“My view is that we should basically be preparing for zero returns even over the next 12 months,” Mahesh Nandurkar, MD & Head of Research, Jefferies India, said. This, despite the Nifty plunging below the 16,000 mark on Monday. The equity strategist doesn’t find the selloff unexpected. “I think this whole year is going to be a weak year from the returns perspective and while the Nifty has corrected to less than 16,000, I really do not think that we will still be making positive returns from here on in the rest of the year,” he told ET Now.