Sensex, Nifty turn flat after firm opening

Mumbai : Stock market indexes became stable after opening the trading day positively on Tuesday following a downward trend in Asian markets. In early trading, the BSE Sensex with 30 shares increased by 128.88 points to reach 81,178.88, while the NSE Nifty rose by 43.35 points to 24,839.10. Afterward, both the reference market indicators experienced fluctuations and were trading with slight profits.

Adani Ports & Special Economic Zones, NTPC, UltraTech Cements, Hindustan Unilever, HDFC Bank, State Bank of India, and Larsen & Toubro were some of the top performers in the Sensex pack. Tata Steel, JSW Steel, Tata Motors, HCL Technologies, and Tata Consultancy Services were some of the underperformers. According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the market weakened due to increasing geopolitical tensions in the Middle East, significant FPI selling, and worries about the upcoming election results on Monday.

According to exchange data, Foreign Institutional Investors (FIIs) sold equities valued at Rs 8,293.41 crore on Monday, while Domestic Institutional Investors (DIIs) purchased equities worth Rs 13,245.12 crore.

Vijayakumar stated that even though there was a net FPI selling of Rs 50,011 crore in the past six trading sessions, it was balanced out by DII buying of Rs 53,203 crore. There are sufficient signals indicating that FPIs have been implementing a 'Sell India, Buy China' approach. He mentioned that the shift in FPI strategy was prompted by high valuations in India and low valuations in Chinese stocks. In Asian markets, Tokyo, Hong Kong, and Seoul are experiencing declines, whereas Shanghai is showing gains. The US markets closed lower on Monday. The worldwide oil standard Brent Crude dropped by 1.42 percent to reach USD 79.78 per barrel. Brent Crude reached its highest price since August, surpassing USD 80 per barrel on Monday. Continuing the decline for the sixth consecutive day