Stock market today
:
BSE Sensex
and Nifty50, the Indian equity benchmark indices, opened in green on Friday. While BSE Sensex climbed up over 200 points,
Nifty50
was near 24,500. At 9:28 AM, BSE Sensex was trading at 80,265.88,up 226 points or 0.28%. Nifty50 was at 24,486.30, up 80 points or 0.33%.
The Indian equity markets experienced a subdued trading session on Thursday, with the benchmarks closing flat but with a negative bias.
The weak global cues and moderate first quarter earnings have dampened investor sentiment.
“Overall we expect the market to continue its consolidation mode with stock-specific action given the earning season is in full swing. All eyes will be on the US Q2 GDP data. Thus, markets would take cues from their peers,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
According to Nagaraj Shetti of HDFC Securities, the lackluster movement with weak bias is expected to continue for the next 1-2 sessions before witnessing a sharp upside bounce from the lows. Important lower supports to be watched around 24100-24000 levels, which could be a buy on dips opportunity. Immediate resistance is placed at 24500 levels.
Global markets
showed mixed trends, with the US stocks ending a fickle session weaker on Thursday. The S&P 500 and Nasdaq Composite failed to regain ground lost in the previous day’s tech-triggered sell-off as investors grappled with the likely direction of megacaps. Asian shares showed signs of recovery as traders balanced resilience in the US economy with firming expectations of Federal Reserve cuts in coming months. Oil prices were up slightly on Friday on stronger-than-expected U.S. economic data, but concerns about soft economic conditions in China and Japan capped gains.
On the domestic front, foreign portfolio investors turned net sellers at Rs 2,605 crore on Thursday, while DIIs bought shares worth Rs 2431 crore. The net long of FIIs reduced from Rs 2.4 lakh crore on Wednesday to Rs 62,416 crore on Thursday.
Investors will also keep an eye on the first quarter results, with IndiGo, IndusInd Bank, Cipla, Power Grid among 69 companies set to announce their earnings on Friday.
