Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in green on Monday. While BSE Sensex surged over 300 points, Nifty50 was above 25,000. At 9:17 AM, BSE Sensex was trading at 81,705.73, up 324 points or 0.40%. Nifty50 was at 25,063.75, up 100 points or 0.40%.
The domestic markets experienced a slight decline last week, primarily due to persistent selling pressure from foreign investors.However, the losses were limited in the later sessions, thanks to selective strength in heavyweight stocks.
In the upcoming week, the direction of the market will be largely influenced by corporate earnings, with major companies such as Reliance, Infosys, HDFC Bank, Axis Bank, and HCL Tech set to release their results, among others. Furthermore, investors will be closely monitoring updates on geopolitical tensions, especially their impact on crude oil prices, and foreign fund flows.
According to Nagaraj Shetti of HDFC Securities, “The underlying trend of Nifty remains choppy. Having placed near the crucial supports around 24500 levels, there is a higher possibility of an upside bounce in the market from here or from lower supports. Immediate resistance is placed at 25250.”
In the US, the S&P 500 and the Dow achieved record closing highs on Friday, primarily driven by financial stocks following strong quarterly results from banks. The latest inflation data also fueled expectations for a U.S. Federal Reserve rate cut in November. The Dow gained 0.97%, the S&P 500 rose 0.61%, and the Nasdaq increased by 0.33%.
Asian stocks showed mixed performance in early holiday-thinned trade on Monday, with investors cautious about how markets in mainland China would react to the government’s economic stimulus promises over the weekend, which were broad but lacked detail.
S&P 500 futures were little changed as of 9:05 a.m. Tokyo time, Hang Seng futures were unchanged, Australia’s S&P/ASX 200 rose 0.2%, and Euro Stoxx 50 futures rose 0.7%.
The dollar continued to gain in early Monday trades in Asia, benefiting from a holiday in Japan that reduced liquidity. China’s somewhat disappointing weekend stimulus announcements remained the focus of market attention.
Several stocks are in the F&O ban period today, including Chambal Fertilisers, SAIL, Hindustan Copper, RBL Bank, Granules, Manappuram, PNB, GNFC, and IDFC First Bank. These securities have crossed 95% of the market-wide position limit.
Foreign portfolio investors (FPIs) turned net sellers on Friday, offloading shares worth Rs 4,162.66 crore, while domestic institutional investors (DIIs) bought shares worth Rs 3,731 crore.
The net short position of FIIs reduced from Rs 1.55 lakh crore on Thursday to Rs 1.50 lakh crore on Friday.