Indian Stock Market Opens Lower on April 24th; Sensex Down 200 Points, Nifty Below 24,300. Market Direction and Investment Strategies in this Update.
Stock Market: A downturn was observed in the Indian stock market today. Benchmark indices, Nifty-50 and Sensex, opened in the red, influenced by mixed global market signals and domestic factors. While the market closed higher for the seventh consecutive day on Wednesday, it faced a decline on Thursday (April 24th).
Reasons for the Decline
Following a terrorist attack in Pahalgam, the Indian government announced b economic and diplomatic measures against Pakistan, impacting the market. Additionally, the outcome of the Reserve Bank of India (RBI) meeting, the Q4 results of Indian industries, and US President Donald Trump's stance on tariffs against China will also influence the market direction.
Signals from Global Markets
US markets witnessed a surge on Wednesday. The Dow Jones closed 1.07% higher at 39,606.57, the S&P 500 increased by 1.67%, and the Nasdaq climbed 2.50% to close at 16,708.05. Asian markets showed a mixed trend. Japan's Nikkei rose 0.89%, while Hong Kong's Hang Seng fell 0.1%.
Investment Strategy
According to the Senior Vice President (Research) at Religare Broking, "We maintain our positive outlook on Nifty. We advise adopting a 'buy on dips' strategy. Nifty may find b support around 23,700-23,800."
Wednesday's Market Update
On Wednesday, the Indian stock market closed higher for the seventh consecutive trading session. The Sensex rose 520.90 points (0.65%) to close at 80,116.49, and the Nifty gained 161.70 points (0.67%) to close at 24,328.95.
