Stock market today
:
BSE Sensex
and Nifty50, the Indian equity benchmark indices, opened in green on Monday on the back of positive global cues. While BSE Sensex moved up 300 points,
Nifty50
was above 22,500. At 9:17 AM, BSE Sensex was trading at 74,095.91, up 218 points or 0.29%. Nifty50 was at 22,523.55, up 48 points or 0.21%.
The domestic markets concluded the previous week on a cautious note, with investors displaying muted sentiments.
Today, the markets are likely to respond to the US employment data and the fourth quarter results of Dmart and Kotak Bank.
“We expect the market to consolidate in a broader range and base to gradually shift higher,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
The Nifty closed below the 22,500 level on Friday, which has been acting as a minor support for the past few days. While this is a negative development, it does not necessarily open up a significant downside, according to Tejas Shah of JM Financial & BlinkX.
Meanwhile, Wall Street witnessed a notable rise, supported by a milder-than-expected employment report on Friday. This development bolstered the case for potential rate cuts by the Federal Reserve while also highlighting the resilience of the U.S. economy.
Asian equity benchmarks are relatively stable in early trade as investors await the reopening of China following an extended holiday break. Mainland markets appear poised for gains, driven by Beijing’s supportive policy stance, which adds momentum to an emerging bullish sentiment.
The dollar remained broadly steady on Monday, as a soft U.S. jobs report increased bets on the Federal Reserve potentially cutting rates twice this year. The Japanese yen was slightly weaker at the start of the week.
Five stocks, including Vodafone Idea, Biocon, ABFRL, Balrampur Chini Mills, and GMR Infra, are under the F&O ban period today. The rupee edged up 1 paisa to settle at 83.45 against the US dollar on Friday, influenced by a weak American currency and declining crude oil prices in
global markets
.
Foreign portfolio investors (FPIs) were net sellers, offloading shares worth Rs 2,391 crore on Friday, while domestic institutional investors (DIIs) purchased shares worth Rs 690 crore. The net long position of FIIs turned from Rs 25,615 crore on Thursday to a net short position of Rs 46,719 crore.
Several companies, including Godrej Consumer, Lupin, Indian Bank, and Marico, are set to announce their fourth quarter earnings on Monday.
