Stock market today: Nifty50 opens above 24,800; BSE Sensex up almost 200 points

Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, opened in green on Monday. While Nifty50 was above 24,800, BSE Sensex was up almost 200 points. At 9:17 AM, Nifty50 was trading at 24,804.50, up 64 points or 0.26%. BSE Sensex was at 80,905.32, up 195 points or 0.24%.Market experts indicate that whilst global trade uncertainties and tariff increases pose external challenges, the streamlined GST structure coupled with robust domestic economic indicators should sustain market momentum in the immediate future.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “The heightened uncertainty surrounding the US – India trade relations will continue to weigh on markets. President Trump’s recent statements regarding the “special US- India ties” and that “there is nothing to worry” indicate improvement in the strained relationship. However, Trump’s comments on the second round of sanctions against Russia and Peter Navarro’s continuing tirade against India are negative factors.”“Also there are rumours of probable restrictions on India’s IT exports even though trade in services has so far been untouched by reciprocal tariffs. These concerns will continue to influence the market which got a morale boost from the GST reforms. The euphoria from GST reform was short-lived since the market had already partly discounted the GST rate cuts. Post-September 22nd when the new GST rates come into effect, there will be a huge spurt in demand, particularly for automobiles and consumer durables. This has the potential to lift the market sentiments.”US equities finished marginally lower on Friday as investors balanced economic concerns against potential Federal Reserve interest rate reductions, following reports of significant decline in August employment growth.Asian equities strengthened whilst the dollar showed instability on Monday after poor US employment figures confirmed anticipated rate cuts this month.Oil prices rose during early Monday trading, partially recovering from previous week’s declines, following OPEC+’s weekend decision to implement slower production increases from October, anticipating reduced global demand.Foreign portfolio investors sold shares worth Rs 1,304 crore on Friday, whilst domestic institutional investors purchased shares valued at Rs 1,821 crore.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)