Stock market today (AI image)
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmarks, rallied strongly in opening trade on Thursday as Donald Trump’s remarks on Greenland and withdrawal of tariff threat on EU eased investors’ fears. While Nifty50 went above 25,300, BSE Sensex was up over 560 points. At 9:16 AM, Nifty50 was trading at 25,323.75, up 166 points or 0.66%. BSE Sensex was at 82,476.79, up 567 points or 0.69%.Analysts expect stock markets to remain range-bound. Stock-specific moves around quarterly earnings from IndiGo, DLF, Indian Bank and Coforge are possible, even as global cues stay supportive following US President Donald Trump’s remarks at Davos.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “In yet another classic TACO (Trump Again Chickens Out) President Trump has withdrawn from his threat to “annex Greenland by force, if necessary.” Instead, in Davos yesterday he said “ we have reached a framework of a future deal on Greenland.” More importantly, the message that the US would “refrain from imposing tariffs on Europe” takes away the threat of a US – Europe trade war which was dragging the markets down. The consequent relief rally in the market today can be significant since there are about 2 lakh short contracts in the market and the market construct is right for short-covering.” “The Q3 profitability of companies have been affected by higher provision for the new labour code commitments. But the market will shrug it off since this is a one time commitment. Among results announced yesterday Eternal stands out with better-than-expected revenue and profit growth from quick commerce business.”Asian markets advanced on Thursday, tracking gains on Wall Street after Trump’s comments on a “framework” deal with NATO over Greenland helped calm investor nerves and reduced concerns that had triggered recent volatility. The easing of geopolitical worries weighed on safe-haven assets, with gold and silver prices declining.Overnight in the US, all three major Wall Street indices ended higher on Wednesday after reports that a framework agreement on Greenland had been reached, removing the immediate risk of fresh US tariffs on European allies.Back home, foreign portfolio investors continued to pare exposure, selling shares worth Rs 1,788 crore during the session. Domestic institutional investors provided some support, emerging as net buyers with inflows of Rs 4,520 crore.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
