Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, surged in opening trade on Monday, reaching new highs. While BSE Sensex was above 84,700, Nifty50 was above 25,850. At 9:16 AM, BSE Sensex was trading at 84,752.76, up 208 points or 0.25%. Nifty50 was at 25,882.55, up 92 points or 0.36%.
The domestic markets maintained their positive trend last week, with benchmark indices rising nearly 2%, primarily due to the US Fed’s rate cut.
“Looking ahead, the Nifty is approaching a significant milestone at 26,000, with the potential to extend its rally further to 26,500. This extension will depend on continued strength in banking and financial heavyweights, which have been leading the market’s upward trajectory,” said Ajit Mishra – SVP, Research, Religare Broking.
The short-term trend of the Nifty remains strongly positive, although there is a possibility of consolidation or a breather pattern in the near term before further upward movement. The next upside targets, based on Fibonacci extension, are around 26,250, with immediate support at 25,650, according to Nagaraj Shetti of HDFC Securities.
Global markets showed mixed signals, with S&P 500 futures rising slightly, while Hang Seng futures and Euro Stoxx 50 futures fell. The Japanese yen weakened against the dollar, and the offshore yuan remained stable.
Oil prices edged up in early trading on Monday, driven by concerns over potential supply disruptions in the Middle East and expectations of increased demand following the recent US interest rate cut.
Several stocks are in the F&O ban period today, including Balrampur Chini Mills, OFSS, GNFC, RBL Bank, PNB, Nalco, Biocon, Birlasoft, LIC Housing Finance, Granules, and SAIL.
Foreign portfolio investors turned net buyers, purchasing shares worth Rs 14,064 crore on Friday, while domestic institutional investors sold shares worth Rs 4,400 crore.
The net long position of FIIs increased from Rs 2.23 lakh crore on Thursday to Rs 3.59 lakh crore on Friday.
The domestic markets maintained their positive trend last week, with benchmark indices rising nearly 2%, primarily due to the US Fed’s rate cut.
“Looking ahead, the Nifty is approaching a significant milestone at 26,000, with the potential to extend its rally further to 26,500. This extension will depend on continued strength in banking and financial heavyweights, which have been leading the market’s upward trajectory,” said Ajit Mishra – SVP, Research, Religare Broking.
The short-term trend of the Nifty remains strongly positive, although there is a possibility of consolidation or a breather pattern in the near term before further upward movement. The next upside targets, based on Fibonacci extension, are around 26,250, with immediate support at 25,650, according to Nagaraj Shetti of HDFC Securities.
Global markets showed mixed signals, with S&P 500 futures rising slightly, while Hang Seng futures and Euro Stoxx 50 futures fell. The Japanese yen weakened against the dollar, and the offshore yuan remained stable.
Oil prices edged up in early trading on Monday, driven by concerns over potential supply disruptions in the Middle East and expectations of increased demand following the recent US interest rate cut.
Several stocks are in the F&O ban period today, including Balrampur Chini Mills, OFSS, GNFC, RBL Bank, PNB, Nalco, Biocon, Birlasoft, LIC Housing Finance, Granules, and SAIL.
Foreign portfolio investors turned net buyers, purchasing shares worth Rs 14,064 crore on Friday, while domestic institutional investors sold shares worth Rs 4,400 crore.
The net long position of FIIs increased from Rs 2.23 lakh crore on Thursday to Rs 3.59 lakh crore on Friday.
