Markets Open Weak: Sensex Down 50+, Nifty Breaches 25,950 on IT, Pvt Bank Pressure

The Indian equity market is likely to open on a muted note on Tuesday, even as global sentiment turns supportive.

As of 7:35 AM, GIFT Nifty was down 4 points, or 0.02 per cent, at 25,992, indicating a flat start for domestic indices. Asian markets opened higher, tracking an overnight rebound in US tech stocks driven by rising expectations of a US Federal Reserve rate cut in December. Japan’s Nikkei 225 gained 0.65 per cent, while South Korea’s Kospi advanced 0.75 per cent.

On Wall Street, the S&P 500 posted its strongest session in nearly six weeks, climbing 1.55 per cent. The Nasdaq rallied 2.69 per cent, supported by a more than 70 per cent probability of a December rate cut priced in by money markets, according to Bloomberg.

Back in India, the BSE Sensex fell 331.21 points, or 0.39 per cent, to 84,900.71 on Monday. The Nifty50 slipped 108.65 points, or 0.42 per cent, to close at 25,959.50.

Nifty Technical Outlook

Ponmudi R, CEO of Enrich Money, noted that the Nifty is once again approaching a multi-month rising trendline that has capped breakouts for the past six months.

The market stays constructive above 25,900.

Key slope support is placed near 25,750.

A decisive close above 26,150–26,180 may confirm a breakout, paving the way toward 26,250 and 26,350.

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