The Indian stock market once again opened with a decline among the weak global markets. The market is seeing instability in the market with US President Donald Trump’s deadline to impose tariffs on business countries. Also, due to increasing the possibility of recession in the global economy, pressure is being seen in heavy weight IT shares. BSE Sensex with thirty -share BSE Sensex opened at 74,103.83 on Wednesday, more than 100 points on Wednesday. It closed at 74,227.08 on Tuesday. At 9:25 am, the Sensex fell 268.34 points or 0.36% to 73,958.74.
Similarly, the Nifty-50 of the National Stock Exchange (NSE) is also seeing weakness. On Tuesday, it closed at 22,535.85 points, while today it opened weak at 22,460.30. At 9:25 am, the Nifty fell 107.70 points or 0.48% to 22,428.15.
Investors’ eyes on RBI’s repo rate decision
Investors’ eyes on the domestic front are on the RBI’s monetary policy decision. RBI Governor Sanjay Malhotra will announce the decision of the Monetary Policy Committee at 10 am. According to analysts, the central bank may cut the repo rate by 0.25%. In its previous meeting (7 February), the RBI reduced the repo rate from 25 basis points to 6.25%. Since then, economic uncertainty has increased by the US imposing tough tariffs. This has increased the expectations of cutting interest rates from the central bank.
Trump imposed 104% tariff on China
The ongoing trade between the US and China can deepen. A White House official said that the US will impose 104 percent tariffs on China from ET (0401 GMT) at 12:01 pm on Wednesday (April 8). News agency Reuters gave this information in one of its reports. This decision may further increase the ongoing trade dispute between the US and China. The Trump administration says that some countries like China are doing unfair trade with America. In recent weeks, Trump has repeatedly accused foreign countries of imposing heavy taxes on American goods and damaging the US economy.
FII selling continues
Foreign institutional investors (FIIs) have continued selling from Indian stock markets. Foreign investors sold Indian shares worth Rs 4,994.24 crore on 8 April. However, domestic institutional investors (DIIs) on Tuesday bought shares worth Rs 3,097.24 crore.
Recovery in the market on Tuesday
Earlier, Tuesday’s trading session saw a great recovery in the market with a strong gain in veteran shares like Infosys, Reliance Industries, Bharti Airtel, HDFC Bank and L&T. The BSE Sensex rose 1089.18 points or 1.49% to close at 74,227.08. NSE Nifty rose 374.25 points or 1.69% to close at 22,535.85.
What are the signs of global markets?
US stock futures declined on Tuesday. The futures associated with Dow Jones Industrial Average declined by 1.2 percent. Nasdaq-100 futures were 1.8 percent below and S&P 500 futures were 1.5 percent below. In the last trading session, Wall Street Benchmarks reduced to closed. Dow Jones Industrial Average fell 0.84 percent to 37,645.59 and S&P 500 also fell 1.57 percent to 4,982.77. Apart from this, Nasdaq fell 2.15 percent to close at 15,267.91. In the Asian markets, Japan’s Nikkei index fell 225 … 2.72 percent, South Korea’s Cospie fell down 0.71 percent and Australia’s S&P/ASX 200 below 1.35 percent.
22,320 important levels for Nifty
According to Rishikesh Yedve, Assistant Vice President (Technical and Derivatives Research) of Asit C. Mehta Investment Intermediates, Nifty created a green candle on the daily chart and was above 22,320 barriers in the last session. This indicates the interest and strength of continuous purchases. “At the top, 22,800 is the nearest resistance level. While 22,320 will now serve as a major support. A decisive step above 22,800 can open upwards. Investors are advised to monitor these major levels, so that possible trading opportunities can be availed.”
