Stock Market Today: The NSE Nifty 50 and BSE Sensex have rebounded from two-day slump in Monday's session. The benchmark Nifty 50 rose 0.64% to 24,722.25, and the Sensex has risen 0.54% to 81,044.98 so far today. Market participants deemed Monday's move as a technical recovery as the indices has been on a declining trajectory because of uncertainty over US reciprocal tariffs.
"Nifty has tested its 21-week moving average after five consecutive weeks of decline, making the current bounce back technically expected. However, the rebound is occurring on relatively lower volumes, suggesting it may be more of a technical pullback than a conviction-driven rally," said Anshul Jain, Head, Research, Lakshmishree.
On Thursday, the Nifty 50 and Sensex slumped 0.87% and 0.97%, respectively as the US imposed 25% tariff on India and threatened further penalties on Russian imports. However, final tariff rates are yet to be decided as the negotiation between two countries is ongoing.
"Market sentiment remains cautiously optimistic, although heightened volatility and mixed global cues continue to weigh on investor confidence," said Hardik Matalia, a derivative analyst at Choice Broking.
"It is recommended to book partial profits during rallies and apply tight trailing stop-losses to manage risk effectively. Fresh long positions should only be considered if the Nifty sustains above the 24,750 mark."
Stock Market Today: Sensex, Nifty Rebound From 2-Day Slump—3 Key Factors Driving Markets
1.Oil Prices Consolidates On OPEC+ Output Hike
Oil prices in the international markets consolidates because of concern of over supply amid US's attempt to curb Russian oil supply. The Organization of Petroleum Exporting Countries And Allies has hiked output by 547,000 barrels per day from September in line with expectations, as reported by Bloomberg. Traders are now wondering if the oil cartel will relax oil supply curbs.
Also Read: US Tariff Rate Seen At 20%, Immediate Focus On Russian Oil Penalties: Nomura's Sonal Verma
2.Global Markets Mixed
Global markets were trading on a mixed note as most participants stayed on the sidelines while they try to understand the impact of US tariffs on trade partners.
On Monday, most markets in Asia-Pacific finished with gains, while markets in Japan ended lower. The Nikkei 225 ended 1.25% down, while S&P ASX 200 and KOSPI rose 0.02% and 0.91% higher, respectively.
In Europe markets rebounded from Friday's slump except in Switzerland as US has imposed a 39% tariff. The Euro Stoxx 50 rose 1.04% as of 1:34 p.m. SPI Swiss Market Index fell 1.07% as of 1:35 p.m.
US futures rebounded on Monday. The Dow Jones Industrial Average and S&P 500 futures were trading 0.52% and 0.51% higher, respectively as of 1:37 p.m.
3.Gold Prices Decline On Weak US Jobs Data
Gold prices snapped a four-day winning streak after soft US economic data raised hopes for rate cuts by the US Federal Reserve. World's largest economy added 73,000 new jobs in July which is well below estimates, while previous two months' job numbers were revised down.
A fall in borrowing costs boosts risk-on sentiment subsequently weighing charm of the safe haven bullion. The Bloomberg spot gold was trading 0.22% lower at $3,355 an ounce as of 1:43 p.m.
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