Markets slip into wait n watch mode

Mumbai: Benchmark equity indices BSE Sensex and NSE Nifty ended almost flat on Tuesday after a record-breaking rally as investors preferred to remain on the sidelines awaiting further triggers. After trading in the positive territory for the most part of the session, the 30-share BSE Sensex declined 33.49 points or 0.04 per cent to settle at 76,456.59 due to fag-end selling.

During the day, it jumped 370.45 points or 0.48 per cent to 76,860.53. In a volatile trade, the NSE Nifty ended marginally up by 5.65 points or 0.02 per cent to 23,264.85. Sensex and Nifty hit their all-time high levels in the early trade on Monday.

“After a notable rebound, the domestic market has stabilised, awaiting further triggers. With the resolution of uncertainties in government formation, attention has shifted back to global and domestic indicators. Concerns have risen regarding potential US rate cuts following last week’s strong US job data, leading to an increase in US bond yields.

However, FIIs have been net buyers lately. Investors are now gearing up for this week’s policy decisions from the US Fed and the BoJ, as well as key inflation data from the US and India, seeking insights into the trajectory of rate cuts,” said Vinod Nair, head (research), Geojit Financial Services.