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Stock market today: Dalal street opened lower today, September 8, as rising crude oil prices and continued geopolitical tensions weighed on investor sentiment. The Stock market today saw the BSE Sensex fall 278.64 points, or 0.37 per cent, to 75,854.17, while the NSE Nifty 50 declined 36.05 points, or 0.15 per cent, to 23,743.10. The weak start came as global developments, inflation worries and tight liquidity kept investors cautious. Ajay Bagga, Banking and Market expert, said the Stock market today remained directionless, with headline indices facing a two-year non-return scenario. “Indian markets are directionless, with a 2 year non-return scenario for the headline indices. Elevated oil prices and a massive supply of IPOs/OFS issuances is keeping secondary markets liquidity constrained further,” Bagga said.

Stock market today faces pressure as global cues take centre stage

Bagga said international developments are playing a major role in deciding market moves. US markets were closed on Monday for Labor Day, leaving US futures to provide the key signal ahead of the reopening of cash markets. “US markets were shut Monday for Labor Day, so US futures are doing the talking, pointing to a cautious open once cash markets reopen, with this week’s US CPI print now the swing factor for Fed rate-hike odds,” he said. At the time of reporting, Dow Jones Futures was down 328.44 points, or 0.61 per cent, at 53,085.81. S&P 500 futures fell 29.11 points, or 0.38 per cent, to 7,718.60, while Nasdaq futures slipped 77.07 points, or 0.29 per cent, to 26,506.99. The Stock market today is therefore also being shaped by expectations around US inflation data and the Federal Reserve.

Stock market today tracks oil as Middle East tensions fuel inflation fears

Asian markets were mixed to lower on Tuesday morning as tensions in the Middle East pushed oil prices higher and added to inflation concerns, Bagga said. Brent crude gained USD 0.36, or 0.37 per cent, to USD 97.52 a barrel, while crude oil rose USD 0.41, or 0.45 per cent, to USD 92.95 a barrel. Gold also gained USD 28.98, or 0.66 per cent, to USD 4,433.96 an ounce. “Brent crude touched USD 97/barrel early this week, a near seven-week high, up roughly 8% over the past week. OPEC+ held October output flat at September levels on Sunday, so no incremental supply is coming to cap the move,” Bagga added. “Oil near USD 97 and a Fed decision two weeks out, global markets are pricing geopolitical risk and inflation risk at the same time, which is the combination central banks hate most.”

Stock market today gets mixed signals from Asian indices

Rajesh Palviya, Head of Research at Axis Direct, said Asian markets were largely holding firm in morning trade. “Asian markets are largely holding firm this morning….GIFT Nifty is trading around 23,797, indicating a largely flat opening,” he said. However, GIFT Nifty later stood 80.50 points, or 0.34 per cent, lower at 23,746.00 at the time of reporting. Singapore’s Straits Times fell 32.27 points, or 0.56 per cent, to 5,760.01, while Thailand’s SET Composite edged down 1.16 points, or 0.07 per cent, to 1,617.66. In contrast, South Korea’s KOSPI jumped 164.24 points, or 2.35 per cent, to 7,159.63, and Japan’s Nikkei 225 climbed 230.16 points, or 0.35 per cent, to 66,630.00. Palviya said the Stock market today has a cautious near-term undertone as the Nifty remains below 23,800. “The near-term undertone remains cautious as the Nifty trades below the 23,800 mark. Immediate support is placed at 23,700, below which the index could slip towards 23,550, while resistance is seen at 23,950 and 24,150,” he added.