Stock market today: Nifty50 opens above 25,200; BSE Sensex up around 200 points
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, opened in green on Friday. While Nifty50 want above 25,200, BSE Sensex was up around 200 points. At 9:24 AM, Nifty50 was trading at 25,236.00, up 54 points or 0.22%. BSE Sensex was at 82,369.12, up 197 points or 0.24%.Expert Rupak De notes that despite Thursday’s recovery, the index remains under the 25,250 resistance level. “The short-term sentiment remains positive, with the index sustaining above the critical moving averages on the daily timeframe. On the higher end, a decisive move above 25,250 might trigger a rise towards 25,600 in the short term, while on the lower end, support is placed at 25,000,” De said.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “The overall market environment is turning positive. Globally, the GAZA peace accord signals an end to the conflict and reduction of geopolitical risk from the region. Domestically, there are indications of a trade deal between US and India with India ‘rebalancing’ its oil purchases. These positive developments and the shift in FII strategy ( FIIs were buyers in the cash market in the last three trading days) bode well for the market. Even though valuations continue to be relatively high compared to most other markets, short-covering can take the market higher. This is a highly probable event since the short position in the market continues to be high. The better-than-expected results from TCS, which reported better revenue and margin numbers, can lift sentiments for IT stocks.”“A significant market trend is the elevated enthusiasm in the primary market. The Rs 11607 crore LG Electronics IPO getting oversubscribed 54 times is the reflection of exuberance in the IPO market. Refunds from these and other IPOs will add to the liquidity in the market helping the market to move higher.”US markets closed lower on Thursday as investors consolidated positions before the third-quarter earnings season, lacking economic data or significant market drivers.Asian equity markets fell at the opening following a pause in US stock gains, as concerns emerged about high valuations after their continuous upward movement.Oil prices remained stable in early Asian trading on Friday, following a decline exceeding 1% in the previous session. The reduction in war risk premium occurred after Israel and Hamas reached an agreement on the initial phase of a Gaza conflict resolution plan.Foreign institutional investors (FIIs) purchased Indian shares worth Rs 864.36 crore on Thursday, whilst domestic institutional investors (DIIs) acquired shares valued at Rs 1,308.16 crore.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
