Stock market today
:
BSE Sensex
and Nifty50, the Indian equity benchmark indices, surged in trade on Friday. While BSE Sensex moved up over 300 points,
Nifty50
was above 22,550. At 9:18 AM, BSE Sensex was trading at 74,234.07, up 348 points or 0.47%. Nifty50 was at 22,587.65, up 99 points or 0.44%.
The equity markets continued to face downward pressure for the fifth straight day on Thursday as the selling sentiment persisted prior to the release of exit poll data and the highly anticipated election results.
“Global markets remained under pressure due to rising bond yields and denting hopes of rate cut. We expect market volatility to heighten as we approach the general election outcome,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
According to Ajit Mishra, Senior Vice President, Research at Religare Broking, “The recent decline has disrupted the positive momentum, with Nifty falling below its crucial short-term moving average, the 20 DEMA. A decisive break of the 22,400 level could trigger a further drop to the 22,000-22,150 zone. We suggest aligning trades accordingly and adopting a hedged approach,”
US stocks closed lower on Thursday, with the Nasdaq declining more than 1% and technology shares leading the losses following a disappointing forecast from Salesforce.
Asian stocks advanced on Friday as the latest US economic data indicated slowing momentum, strengthening the argument for the US Federal Reserve to begin cutting interest rates this year.
Oil prices retreated early on Friday as investors reacted to comments from US Fed officials who stated it was premature to consider rate cuts, and following an unexpected build in US gasoline inventories that weighed on the market.
Foreign portfolio investors were net sellers at Rs 3,050 crore on Thursday, while DIIs bought shares worth Rs 3,432 crore.
The net short position of FIIs increased from Rs 5,206 crore on Wednesday to Rs 2.97 lakh crore on Thursday.
