Stock Market Today: Sensex, Nifty likely to stay volatile amid global sell-off

Gift Nifty today

Early market signals were mildly positive, with Gift Nifty trading at 25,273, up 0.13 per cent, pointing to a cautious opening for domestic equities. Despite broader market weakness, Bank Nifty showed relative strength, though it declined for the second consecutive session, forming a lower high–lower low pattern. Of the 14 banking stocks, 13 ended in the red, with HDFC Bank emerging as the sole gainer.

Global markets set a weak tone

Several sectoral indices slipped to multi-month lows. FMCG and realty indices touched nine-month lows, while energy fell to an eight-month low. Pharma declined to a three-month low and auto to a two-month low. Market volatility rose further, with India VIX climbing 7.6 per cent to 12.7, marking its fourth straight rise and hitting a one-month intraday high of 12.90.

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Domestic institutional investors continued to support the market, buying shares worth Rs 3,665 crore, extending their net buying streak to 100 sessions. In contrast, foreign institutional investors remained sellers for the 11th consecutive session, offloading Rs 4,374 crore across segments, while their index futures long positions declined.

Indian markets saw sharp sell-off on Tuesday

The rupee weakened by 6 paise to 90.98 against the dollar, nearing its record low. The dollar index slipped below 98.5, while US bond yields rose to 4.29 per cent. Gold and silver surged to fresh lifetime highs, while base metals declined sharply. Crude oil traded flat near $64 per barrel.

On the technical front, Bank Nifty has immediate support near 59,250, with a stronger base seen in the 58,700–58,800 zone. Meanwhile, PSU bank stocks hit fresh record highs intraday before giving up part of their gains.

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