Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in green on Monday. While BSE Sensex was trading above 79,600, Nifty50 was near 24,250 level. At 9:18 AM, BSE Sensex was trading at 79,685.37, up 283 points or 0.36%. Nifty50 was at 24,240.15, up 59 points or 0.25%.
The equity markets experienced a challenging last week as investor sentiment turned slightly pessimistic due to ongoing geopolitical tensions and a sudden reaction from foreign investors, which negatively impacted the overall market mood.
“We expect the consolidation to continue in the short term; a reversal in trend will depend on a slowdown in FIIs selling intensity and the outcome of the US presidential election. The domestic macros are largely favouring the market with the unveiling of strong PMI data and reiterating economic growth forecast for FY25 by the RBI,” said Vinod Nair, Head of Research, Geojit Financial Services.
Technical analysts at JM Financial & BlinkX see support for Nifty at 24,100 and 24,000 levels, while immediate resistance is expected at 24,450-500 levels, with the next crucial resistance at 24,700-750 levels. India VIX, a measure of market fear, increased by 5% to close at 14.63 levels.
In the US, the Nasdaq closed higher on Friday, supported by gains in megacap shares, as investors awaited quarterly results from some of the biggest companies on Wall Street in the coming week. Tesla shares rose 3.36% following a 22% surge on the previous day due to the electric vehicle maker’s sales forecast. Amazon, Apple, and Microsoft also recorded gains.
Asian markets showed mixed performance, with the yen falling to its weakest level in nearly three months after Japan’s ruling coalition failed to secure a majority in the parliamentary election over the weekend. Crude oil prices tumbled after Israeli strikes on Iran avoided oil facilities.
The yen touched a three-month low on Monday as Japan’s ruling coalition lost its parliamentary majority, leading investors to believe that this would likely slow future interest rate hikes. Meanwhile, the dollar is headed for a monthly gain on rising U.S. yields.
Foreign portfolio investors (FPIs) turned net sellers, offloading shares worth Rs 3,036 crore on Friday, while domestic institutional investors (DIIs) bought shares worth Rs 4,159 crore.
Several stocks are under the F&O ban today, including NMDC, RBL Bank, Manappuram, Aarti Industries, Escorts, Indiamart, LT Finance, IDFC First Bank, Bandhan Bank, and Dixon. These securities have crossed 95% of the market-wide position limit.
