Stock Market Highlights: The Indian stock market erased early gains to trade flat on Tuesday, following mixed cues from global markets, as investor sentiment remain cautious over the rising crude oil prices and risks of interest rate hike by the US Federal Reserve.
The benchmark indices, Sensex and Nifty 50 traded flat after opening on a storng note. The Sensex traded flat near 74,800 level, while the Nifty 50 was below 23,400. The Bank Nifty index fell nearly half a percent.
Broader markets underperformed, with the Nifty Smallcap 100 index declining 1% and the Nifty Midcap 100 index falling 0.6%.
Among sectors, Nifty IT and Nifty FMCG were trading in the green, while Nifty Metals, Nifty Realty, Nifty PSU Bank and Nifty Auto led the losses.
Market participants will watch out for key events this week, including the US Federal Reserve monetary policy and the Bank of Japan policy, crude oil prices, trends in FPI flows, inflation data and the latest developments in efforts towards a peace deal in the West Asia war and easing shipping routes through the Strait of Hormuz.
Global Markets
Asia markets traded mixed on Tuesday, following overnight losses on Wall Street. Japan’s Nikkei 225 rose 0.40%, while the Topix fell 0.07%. South Korea’s Kospi declined 0.38%, and the Kosdaq rallied 1.96%.
On Wall Street, all three major indices ended lower on Monday amid higher treasury yields and cautiousness over the calls for slowdown in the development of artificial intelligence (AI).
The Dow Jones Industrial Average fell 0.29% to 52,421.17, while the S&P 500 declined 0.48% to end at 7,619.94. The Nasdaq closed 0.56% lower at 26,186.41.
The benchmark 10-year US Treasury yields surged above 5%, the highest level since October 2023. The yield on the 10-year notes was last up 3.51 basis points at 5.01%.
Stay tuned to this segment for the live updates on the Indian stock market today.