“In the near term, we expect the market to remain volatile on account of global geo-political concerns,” said Siddhartha Khemka. (AI image)
Stock market today
: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in green on Friday. While BSE Sensex was above 77,300, Nifty50 was near 23,400. At 9:17 AM, BSE Sensex was trading at 77,329.15, up 173 points or 0.22%. Nifty50 was at 23,403.50, up 54 points or 0.23%.
The Indian markets experienced widespread selling on Thursday due to escalating Russia-Ukraine tensions and additional pressure from US prosecutors’ renewed investigation into the Adani Group.
“Markets are likely to react to the preliminary release of November month manufacturing and services PMI of US, Europe and India today. In the near term, we expect the market to remain volatile on account of global geo-political concerns, relentless FII selling and uncertainty around the outcome of state assembly elections in Maharashtra and Jharkhand,” said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal.
“On the daily charts, we can observe that the Nifty witnessed follow-through selling pressure from the previous trading session. It has breached the low of 23,350 and is now heading towards 23,180. On the upside 23,500 which is the 20-day moving average shall act as an immediate hurdle zone from short-term perspective,” said Jatin Gedia of Sharekhan.
Major US stock indices finished higher in volatile trading on Thursday, with both the Dow and S&P 500 reaching their highest levels in a week. The Dow Jones Industrial Average benefited from Salesforce’s 3.1% rise after three brokerage firms increased their price targets for the cloud computing company.
Stock markets across Asia climbed on Friday, following the upward trend in US markets as investors dismissed early worries about Nvidia Corp.’s revenue projections. The cryptocurrency Bitcoin moved towards the $100,000 mark whilst the US dollar strengthened.
