Stock market today: Nifty50 tanks below 24,700; BSE Sensex dips over 700 points

Stock market today : Nifty50 and BSE Sensex , the Indian equity benchmark indices, tanked in early trade on Tuesday a day after an over 3.5% rally. While Nifty50 went below 24,750, BSE Sensex was below 81,700. At 9:58 AM, Nifty50 was trading at 24,729.80, down 195 points or 0.78%. BSE Sensex was at 81,705.88, down 724 points or 0.88%.

Indian stock markets saw significant gains on Monday, with the Nifty index reaching a seven-month peak. Market watchers will focus on crucial inflation data due Tuesday, including India's CPI and the US Core CPI figures.

The market will also monitor quarterly financial results from prominent firms like Bharti Airtel and Tata Motors, which could influence sector performance. Experts suggest that Indian markets are expected to maintain their positive trajectory, supported by reduced geopolitical risks, advancement in trade agreements, and signs of economic recovery.

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US stock indices recorded substantial gains on Monday, with the S&P 500 reaching its highest since early March. Markets responded positively to a temporary tariff reduction agreement between the US and China, offering relief from trade tensions that began when US President Donald Trump initiated trade disputes in early April.

Asian equities advanced, following US market gains, as investors responded positively to the US-China trade agreement pause.

Gold maintained steady prices on Tuesday as the temporary US-China tariff suspension increased risk appetite, reducing the precious metal's safe-haven demand. Investors remained watchful for upcoming US inflation data for economic indicators.

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Oil prices decreased on Tuesday after reaching a two-week peak in the previous session, following the US-China agreement on temporary tariff reduction, indicating potential resolution to the trade dispute between the world's largest economies.

The US dollar maintained its strength on Tuesday as investors responded positively to the US-China tariff agreement, which helped alleviate concerns about a global economic downturn.

Foreign portfolio investors purchased shares worth Rs 1,246 crore net on Monday. Domestic institutional investors were net buyers at Rs 1448 crore.