Stock market today
: The Indian stock market opened positively on Saturday, with the Sensex surpassing 74,000 and the Nifty crossing 22,500, continuing the upward trend for the third consecutive day, in line with global markets. The trading session on Saturday is part of a disaster recovery exercise and is split into two segments: 09:15 am to 10 am and 11:45 am to 12:40 pm, which may result in lower trading volumes.
Among Nifty stocks, ONGC, Power Grid, and Nestle were trading higher by around 1% each, while JSW Steel, which announced its Q4 results on Friday, was trading around 2% lower.
Zee Entertainment Enterprises, which reported a profit of Rs 13 crore in the March quarter compared to a loss in the previous year, saw its shares rally by 5%. The Nifty media and realty index showed the highest positive momentum, rising over 1% each.
Dr. V K Vijayakumar of Geojit Financial Services noted that “Dow Jones closing in record territory above 40,000 will continue to provide global support for equity markets. However, in India, the election-related jitters might continue to cause high volatility. A significant trend now is the FIIs turning buyers on Friday, and this takes away the pressure on the markets.”
SBI Securities stated that the 22,450-22,430 range will serve as a crucial support level for the Nifty. “Till 22,430 holds, we can see the index move towards 22,530-22,550. A surge above 22,550 can take the index towards 22,590-22,610 zone. On breakdown & sustenance below 22,430, a further correction up to 22,390-22,370 will be on the cards,” they added.
In global markets, the Dow Jones Industrial Average rose 134.21 points, or 0.34%, to close above the 40,000 mark for the first time at 40,003.59. The Dow gained 1.2%, the S&P 500 rose 1.5%, and the Nasdaq climbed 2.1% for the week. Data released earlier this week showing a softening of consumer prices in April has increased expectations that the US central bank will cut rates twice this year, starting in September.
The rupee appreciated 13 paise to close at 83.37 against the US dollar on Friday, supported by positive sentiment in domestic equity markets and fresh foreign fund inflows. Foreign Institutional Investors (FIIs) turned net buyers in the capital markets on Friday, purchasing shares worth Rs 1,616.79 crore, according to exchange data.
