What Is Influencing Market Today?

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services: One significant factor that is influencing foreign portfolios is the outperformance of the Chinese stocks which is reflected in the massive surge in the Hang Seng index by around 18 % in September. This surge has been triggered by hopes of revival in the Chinese economy in response to the monetary and fiscal stimulus announced by the Chinese authorities. The cheap valuations of Chinese stocks are keeping the momentum intact. This can prove to be a tactical trade which can sustain for some more time. This means FIIs may continue to sell in India and move some more money to better performing markets. FII selling is unlikely to impact the Indian market significantly since the massive domestic money can easily absorb whatever the FIIs are selling. Investors can use dips to buy quality largecaps which are fairly valued.

Sep 30, 2024, 9:27 am IST

Nifty Price

Nifty 50 opened at 26,061.30, and tumbled by at least 117.65 points to hit the day’s low of 26,045.10. The 50-scrip benchmark is struggling to keep 26,000 mark. Top gainers are BPCL, Hindalco, NTPC, JSW Steel, and Tata Steel. Top bears are Hero MotoCorp, Tech Mahindra, ICICI Bank, Infosys and M&M.

Sep 30, 2024, 9:23 am IST

Sensex Price

Sensex dipped as much as 464 points in the opening bell as it touched an intraday low of 85,107.63. Stocks like NTPC, JSW Steel, Tata Steel, Titan and Bajaj Finance are top gainers. However, heavyweights like Tech Mahindra, ICICI Bank, Infosys, M&M, and Nestle dipped by 1% to 2% dragging the market most.
Sensex opened at 85,208.76.