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Stock market today
: Indian equity benchmark indices,
BSE Sensex
and Nifty50, continued their bull run on Friday as well. While BSE Sensex opened over 200 points up,
Nifty50
was above 24,100. At 9:17 AM, BSE Sensex was trading at 79,442.26, up 199 points or 0.25%. Nifty50 was at 24,104.15, up 60 points or 0.25%.
The Nifty index has continued its record-breaking streak this week, surpassing the 24,000 mark for the first time on Thursday, with significant participation from index heavyweights.
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, says, “The index would have the next target of 24,500 level, as mentioned earlier, with 23,500 zone maintained as the support as of now.”
Nagaraj Shetti of HDFC Securities notes that the underlying trend of the Nifty remains positive, and a sustainable move above the 24,000-24,100 levels could push the index towards the 24,380-24,400 range in the near term, with immediate support at 23,800 levels.
U.S. stocks closed mostly unchanged on Thursday as investors awaited fresh inflation data, with the Nasdaq managing a slight gain after data showed a continued slowdown in economic activity, raising hopes for rate cuts. Asian equities followed the gains in U.S. stocks and Treasuries, with S&P 500 futures rising 0.2%, Japan’s Topix gaining 0.6%, and Australia’s S&P/ASX 200 remaining flat. However, Hang Seng futures fell 0.5%, and Euro Stoxx 50 futures declined 0.4%.
Oil prices rose in early Asian trading hours on Friday, setting up a third straight weekly increase, as concerns about supply issues from escalating geopolitical tensions and weather-related disruptions offset signs of weak demand. The dollar was headed for a second straight quarterly gain and jumped to a nearly four-decade high against the battered yen in Asia trade on Friday, ahead of a crucial U.S. inflation reading. The rupee appreciated 12 paise to settle at 83.45 against the U.S. dollar on Thursday, supported by a positive trend in equity markets and an inflow of foreign capital amid a favorable domestic macroeconomic profile. The net long position of FIIs increased from Rs 2.02 lakh crore on Wednesday to Rs 3.19 lakh crore on Thursday.
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