Stock market today
: BSE Sensex and Nifty50, the Indian equity benchmark indices, gained in opening trade on Monday morning. While BSE Sensex was above 82,500 after hitting a lifetime high of 82,725, Nifty50 moved above 25,300. At 9:17 AM, BSE Sensex was trading at 82,566.74, up 201 points or 0.24%. Nifty50 was at 25,297.85, up 62 points or 0.25%.
The domestic markets continued their upward trajectory last week, the third straight week, reaching new heights driven by favorable indicators.
However, the market’s momentum has been somewhat subdued, primarily due to the underperformance of major banking stocks, which hold significant weight in the benchmark index.
Ajit Mishra, SVP of Research at Religare Broking, said, “If we see improved participation from the banking sector, Nifty could break past the 25,500 mark and move toward a new milestone of 26,000.”
Technical analysis suggests that the index could potentially reach 25,500 levels in the near term. If the index maintains its position above 25,500, it could aim for the 26,000-26,250 range, which is the target of the rounding bottom pattern, according to Hrishikesh Yedve from Asit C. Mehta Investment Interrmediates.
In the United States, Wall Street stocks experienced gains, with the Dow achieving a second straight all-time closing high on Friday. Tesla and Amazon shares rose following the release of fresh U.S. economic data, which heightened expectations of a modest interest rate cut by the Federal Reserve in September. The S&P 500 gained 1.01%, the Nasdaq rose 1.13%, and the Dow increased by 0.55%.
Asian share markets had a quiet start on Monday as investors prepared for a data-heavy week, culminating in the U.S. jobs report that could influence whether the anticipated rate cut this month will be regular or more substantial.
Oil prices continued to decline on Monday as investors weighed the impact of higher OPEC+ production from October against a significant drop in output from Libya, coupled with sluggish demand in China and the U.S., the world’s two largest oil consumers.
In the F&O segment, Balrampur Chini Mills is currently in the ban period. Securities in the ban period include companies where the security has surpassed 95% of the market-wide position limit.
Foreign portfolio investors (FPIs) emerged as net buyers, investing Rs 5,318 crore on Friday, while domestic institutional investors (DIIs) sold shares worth Rs 3,198 crore. The net long position of FIIs increased from Rs 2.1 lakh crore on Thursday to Rs 2.43 lakh crore on Friday.
