Stock market today
:
BSE Sensex
and Nifty50, the Indian equity benchmark indices, climbed new highs in opening trade on Monday. While BSE Sensex surged 200 points,
Nifty50
was above 23,000. At 9:19 AM, BSE Sensex was trading at 75,589.95, up 180 points or 0.24%. Nifty50 was at 23,004.85, up 48 points or 0.21%.
On Friday, the Nifty experienced a sideways movement throughout the trading session, ultimately closing with a modest loss of 11 points at 22,957 levels.
“We expect the market to witness a gradual up-move and see some volatility this week as both election and earning season are nearing the end,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
Jatin Gedia of Sharekhan notes that Nifty has reached the initial target of 23,000 and raised the target to 23,150, where the upper end of the rising channel is situated. He advised placing a trailing stop loss of 22,800 for long positions, according to an ET report.
U.S. stocks rebounded on Friday, recovering from the previous day’s steep losses, driven by positive news regarding an improving consumer outlook on inflation. This surge led the Nasdaq to its fifth consecutive week of gains and a record closing high. Asian stocks followed suit, tracking gains in U.S. peers as an easing in U.S. consumer inflation expectations strengthened the case for the Federal Reserve to cut rates this year.
Oil prices remained steady in early Asian trading on Monday, as markets awaited the OPEC+ meeting on June 2, where producers are expected to discuss maintaining voluntary output cuts for the remainder of the year. The dollar made a steady start to the week, with investors focusing on U.S., European, and Japanese inflation data to guide the global interest rate outlook.
Foreign portfolio investors were net sellers at Rs 944 crore on Friday, while domestic institutional investors bought shares worth Rs 2,320 crore. The rupee rose 0.2% to close at 83.0975 against the U.S. dollar on Friday, its strongest closing level since March 19.
Several companies, including LIC, NMDC, National Aluminium Company, Dish TV India, Vishnu Prakash R Punglia, DCM Shriram Industries, and Natco Pharma, are set to announce their fourth quarter earnings on Monday.
