Stock Market Today 06 July, 2023: Nifty, Sensex Open Flat Amid Weak Cues

Stock Market Today: The Indian stock market witnessed sluggish business today and the market opened with a slight decline. Bank Nifty also opened with a decline of around 100 points above 45,000, but the trend has continued downwards. As soon as the market opened, Sensex also went below 65400 in the opening minutes and has been trading with ups and downs.

How did the local stock market start?

BSE’s 30-share index opened down 54.16 points at 65,391 in today’s trade. On the other hand, NSE’s 50-share index Nifty is trading marginally lower by 12.80 points at 19,385.

US market

US indices fell after details of the Fed’s last meeting came out. The Dow Jones closed down 130 points. The S&P 500 index and the Nasdaq closed in the red. US stock markets opened lower today following the release of the FOMC minutes. FOMC minutes suggest more rate hikes. On the other hand, US bond yields have risen. The 10-year US bond yield rose 2.57 percent in a day. It is seeing an increase for the second week in a row. Also, after March 9, 2023, the 10-year bond yield reached an all-time high. The bond yield has risen over 5.50 percent in 2 weeks. Bond yields have seen a rise since the release of the FOMC minutes.

What in the Fed Minutes?

There are signs of further rate hikes following the release of the FOMC minutes. A further hike in interest rates of up to 0.25% is possible. The minutes indicated that the pace of rate hikes may now slow. The Fed then emphasized that reducing inflation was the first priority. However, even the Fed Committee has acknowledged that rising rates have had an impact on the economy. This Fed meeting was held on June 13-14. But the next Fed meeting is scheduled to be held on July 25-26.

Movement of Asian markets

Meanwhile, Asian markets are witnessing mixed business today. GIFT Nifty showed a decline of 41.00 points. At the same time, the Nikkei is showing a decline of about 1.23 percent around 32,933.19. At the same time, it showed weakness of 0.33 percent in straight times. The Taiwan market is trading down 0.90 percent at 17,684.59. While the Hang Seng is seen at the level of 18,838.44 with a decrease of 1.37 percent. At the same time, the Kospi is trading down 0.34 percent. At the same time, the Shanghai Composite was up 0.03 percent at 3,223.78.

Statistics of FII and DII

On July 05, foreign institutional investors in the Indian markets invested Rs. 1603.15 crore was purchased. Local institutional investors on the day made Rs. 439.01 crore was sold.

Shares falling under F&O restriction on NSE

No stocks under F&O ban on NSE as on 06th July. Let us tell you that if the position in the securities exceeds their market wide position limit, the stocks included in the F&O segment are placed in the restricted category.