Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in red but within minutes reversed losses to trade in green. At 9:22 AM, BSE Sensex was at 75,492.93, up 75 points or 0.099%. Nifty50 was at 22,978.55, up 11 points or 0.047%. Indian equity markets hit an all time closing high the previous day.
The domestic markets reached new record highs on Thursday due to short covering, positive investor sentiment towards the election outcome, and strong macroeconomic indicators, as seen in the RBI‘s record dividend payout.
“We expect this positive momentum to continue on the back of an improving political environment, continued short covering by FIIs, and strong domestic macros. Sectors like Defence, Banking, and Railways are expected to remain in focus,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
Rupak De of LKP Securities says that the index might move towards 23,500 in the short term if it stays above 23,000, while support is placed at 22,800.
US stocks closed lower on Thursday, despite Nvidia’s strong revenue forecast, as economic data indicated that inflation remains a concern and could delay US Federal Reserve rate cuts. Asian stocks followed Wall Street’s lead, with Japan’s Topix falling 1.3% and Australia’s S&P/ASX 200 down 0.2%.
Oil prices remained steady as investors assessed the Federal Reserve’s latest comments on interest rates and sticky inflation, while seasonal U.S. fuel demand provided support. The dollar headed for its largest weekly rise in a month and a half, bolstered by strong U.S. economic indicators and a hawkish tone in Federal Reserve minutes.
Several stocks are in the F&O ban period today, including Bandhan Bank, AB Capital, ZEE, Balrampur Chini Mills, Metropolis, IEX, Nalco, PEL, PNB, Hindustan Copper, and India Cements.
Foreign portfolio investors were net buyers at Rs 4,670 crore on Thursday, while DIIs bought shares worth Rs 146 crore. The rupee rose 5 paise to settle at 83.28 against the US dollar on Thursday, supported by softening crude oil prices. The net short position of FIIs reduced from Rs 2.19 lakh crore on Wednesday to Rs 98,000 crore on Thursday.
NTPC, Hindalco, United Spirits, Ashok Leyland, and other companies are set to announce their fourth-quarter earnings on Friday.
The domestic markets reached new record highs on Thursday due to short covering, positive investor sentiment towards the election outcome, and strong macroeconomic indicators, as seen in the RBI‘s record dividend payout.
“We expect this positive momentum to continue on the back of an improving political environment, continued short covering by FIIs, and strong domestic macros. Sectors like Defence, Banking, and Railways are expected to remain in focus,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
Rupak De of LKP Securities says that the index might move towards 23,500 in the short term if it stays above 23,000, while support is placed at 22,800.
US stocks closed lower on Thursday, despite Nvidia’s strong revenue forecast, as economic data indicated that inflation remains a concern and could delay US Federal Reserve rate cuts. Asian stocks followed Wall Street’s lead, with Japan’s Topix falling 1.3% and Australia’s S&P/ASX 200 down 0.2%.
Oil prices remained steady as investors assessed the Federal Reserve’s latest comments on interest rates and sticky inflation, while seasonal U.S. fuel demand provided support. The dollar headed for its largest weekly rise in a month and a half, bolstered by strong U.S. economic indicators and a hawkish tone in Federal Reserve minutes.
Several stocks are in the F&O ban period today, including Bandhan Bank, AB Capital, ZEE, Balrampur Chini Mills, Metropolis, IEX, Nalco, PEL, PNB, Hindustan Copper, and India Cements.
Foreign portfolio investors were net buyers at Rs 4,670 crore on Thursday, while DIIs bought shares worth Rs 146 crore. The rupee rose 5 paise to settle at 83.28 against the US dollar on Thursday, supported by softening crude oil prices. The net short position of FIIs reduced from Rs 2.19 lakh crore on Wednesday to Rs 98,000 crore on Thursday.
NTPC, Hindalco, United Spirits, Ashok Leyland, and other companies are set to announce their fourth-quarter earnings on Friday.