Equity benchmark indices played a tantalizing game of peekaboo with investors on Tuesday.
Early trade saw the 30-share BSE Sensex inch up by 46.5 points to 81,402.34, while the NSE Nifty nudged ahead by 13.15 points to 24,849.25. But before you could say "bull market," both indices decided that flat was the new black, settling into a steady state of uncertainty.
PowerGrid Corp, NTPC, Tata Motors, Asian Paints, Titan, Bajaj Finserv, and Hindustan Unilever were the major gainers.
On the other hand, UltraTech Cement, Sun Pharmaceuticals, Mahindra and Mahindra, Tata Consultancy Services, Adani Ports and Special Economic Zone, and Nestle India seemed to take a collective sigh, dragging their feet as the day's laggards.
Across Asia, markets in Seoul, Tokyo, Shanghai, and Hong Kong appeared to have woken up on the wrong side of the bed, all quoting lower. Meanwhile, the US markets managed to eke out modest gains, ending Monday on a slightly higher note.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, offered some sage advice wrapped in a cautionary tale: "Sustained capital flows into mutual funds and retail investor enthusiasm will keep the market resilient. However, elevated valuations remain a concern, especially in the broader market. While high-quality stocks with good earnings visibility are gaining strength, at high valuations, unexpected triggers can cause market corrections. Therefore, investors need to be a bit cautious chasing stocks now."
The Federal Open Market Committee (FOMC) meeting on Wednesday and the subsequent commentary from US Federal Reserve chief Jerome Powell are set to be the next big thing, with market participants eagerly awaiting any hints of interest rate cuts.
Global oil benchmark Brent crude declined by 0.41 percent to USD 79.45 a barrel, perhaps taking a breather from its usual antics.
Foreign Institutional Investors (FIIs) decided to play the role of party poopers, offloading equities worth Rs 2,474.54 crore on Monday, according to exchange data.
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