Stock market live updates today: GIFT Nifty indicates a muted start for BSE Sensex and Nifty50 after a significant selloff on Monday. Indian equity markets faced considerable pressure as investors reacted to weak global cues, escalating geopolitical uncertainties, and a sharp rise in crude oil prices. The increase in energy costs has reignited inflation concerns and its potential impact on economic growth.
Market Overview
Foreign portfolio investors continued to reduce their exposure to Indian equities, recording net sales of Rs 5,555 crore on Monday. However, domestic institutional investors provided support with net purchases of Rs 5,165 crore. The BSE Sensex declined by 719 points, or nearly 1%, to close at 73,524, while the Nifty50 also witnessed a broad-based selloff.
Global Cues
Asian equities attempted to find their footing on Tuesday after recent volatility, while oil prices retreated from their recent peaks. The improvement in sentiment remained selective rather than broad-based. The S&P 500 managed to end marginally higher overnight, but roughly 60% of its constituent stocks closed lower.
Crude Oil Prices
Crude oil prices continued to rise in early Tuesday trading as markets assessed the possibility of renewed tensions between Iran and Israel. While both sides paused hostilities following an appeal by US President Donald Trump, concerns over a potential flare-up persisted.
Technical Analysis
Nifty Outlook
According to Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities, the immediate support for Nifty is placed in the 22,980-22,950 zone. Any sustainable move below this zone could lead to further weakness towards 22,650 and then 22,500. On the upside, immediate resistance is seen in the 23,270-23,300 zone.
Bank Nifty Outlook
Bank Nifty opened with a gap-down and remained volatile throughout the session. The 54,420-54,470 zone acted as strong intraday resistance. On the daily chart, the index formed a small-bodied candle with a prominent upper wick, reflecting profit booking at higher levels. Immediate support is placed in the 53,600-53,500 zone, with a break below potentially leading to 53,100 and then 52,700. Resistance is seen in the 54,500-54,600 zone.
Market Sentiment
Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal Financial Services Ltd, noted that Indian equities are expected to remain volatile in the near term due to escalating geopolitical tensions in West Asia. Iran's missile strikes on Israel pushed Brent crude prices nearly 3% higher to around USD 96 per barrel, raising concerns about inflation and external sector pressures. Commodity-led inflation, weaker monsoon expectations, and sustained Foreign Institutional Investor outflows are likely to keep the near-term backdrop challenging.
Real GDP growth remained strong at 7.8% in the fourth quarter of FY26, compared to 8.0% in the previous quarter and 7.0% in Q4 FY25. However, concerns about India's FY27 growth outlook persist, with forecasts of GDP growth at 6.5%, broadly in line with the RBI's revised estimate of 6.6%.
Rupee Movement
The rupee witnessed a steep fall against the US dollar, ending at 95.71 compared to the previous close of 94.95. The 76-paise decline marked the sharpest single-session drop in four weeks. Currency traders attributed the weakness to a combination of factors, including the spike in crude oil prices, stronger-than-expected US economic data, and heightened geopolitical uncertainty.
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