Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in red on Friday. BSE Sensex dipped 100 points and Nifty50 was around 22,375. At 9:20 AM, BSE Sensex was at 73,624.42, down 39 points or 0.053%. Nifty50 was at 22,388.25, down 16 points or 0.070%.
The equity markets staged a remarkable recovery in the latter half of the session on Thursday, closing with substantial gains.The rebound in domestic equities was driven by positive global cues and short covering on the Nifty weekly expiry.
Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial, said, “Overall, we expect markets to witness a gradual recovery. However, concerns regarding consistent FII selling, India VIX still above 20 levels, ongoing general election polling and the outcome could keep volatility higher.”
On the technical front, the Nifty might move towards 22,600 in the short term, with support on the lower end remaining at 22,250. Sentiment is expected to remain strong as long as it holds above this level, according to an ET report.
US stocks experienced a dip, with the Dow reaching an intra-day high of 40,000 for the first time on Thursday but ending lower after paring earlier gains. Investor hopes of interest-rate cuts by the US Federal Reserve were buoyed by data showing inflation slowdown and strong corporate earnings results. The Dow was down 0.10%, the S&P dipped 0.21%, and the Nasdaq fell 0.26%.
Asian shares opened broadly lower on Friday as traders reassessed the path forward for interest rates, while equities in Hong Kong braced for further gains on bullish corporate results. S&P 500 futures were little changed as of 9:08 a.m. Tokyo time, Hang Seng futures rose 1.2%, Japan’s Topix fell 0.3%, Australia’s S&P/ASX 200 fell 0.3%, and Euro Stoxx 50 futures fell 0.5%.
Oil prices rose in Asian trading hours on Friday, with global benchmark Brent set for its first weekly increase in three weeks on signs of improving global demand and slowing inflation in top oil consumer the United States. The dollar headed for its largest weekly fall versus the euro in two-and-a-half months on Friday as signs of cooling inflation and a softening U.S. economy raised the prospect of rate cuts.
Foreign portfolio investors were net sellers at Rs 776 crore on Thursday, while DIIs bought shares worth Rs 2,128 crore. The rupee stayed range-bound and settled 4 paise lower at 83.50 against the US dollar on Thursday, weighed down by unabated foreign fund outflows amid investors’ weak appetite for riskier assets. The net short of FIIs increased from Rs 2.45 lakh crore on Wednesday to Rs 2.59 lakh crore on Thursday.
Several companies, including ZEEL, JSW Steel, Godrej Industries, Glaxo, and Sobha, among others, are set to announce their fourth quarter earnings on Friday.
The equity markets staged a remarkable recovery in the latter half of the session on Thursday, closing with substantial gains.The rebound in domestic equities was driven by positive global cues and short covering on the Nifty weekly expiry.
Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial, said, “Overall, we expect markets to witness a gradual recovery. However, concerns regarding consistent FII selling, India VIX still above 20 levels, ongoing general election polling and the outcome could keep volatility higher.”
On the technical front, the Nifty might move towards 22,600 in the short term, with support on the lower end remaining at 22,250. Sentiment is expected to remain strong as long as it holds above this level, according to an ET report.
US stocks experienced a dip, with the Dow reaching an intra-day high of 40,000 for the first time on Thursday but ending lower after paring earlier gains. Investor hopes of interest-rate cuts by the US Federal Reserve were buoyed by data showing inflation slowdown and strong corporate earnings results. The Dow was down 0.10%, the S&P dipped 0.21%, and the Nasdaq fell 0.26%.
Asian shares opened broadly lower on Friday as traders reassessed the path forward for interest rates, while equities in Hong Kong braced for further gains on bullish corporate results. S&P 500 futures were little changed as of 9:08 a.m. Tokyo time, Hang Seng futures rose 1.2%, Japan’s Topix fell 0.3%, Australia’s S&P/ASX 200 fell 0.3%, and Euro Stoxx 50 futures fell 0.5%.
Oil prices rose in Asian trading hours on Friday, with global benchmark Brent set for its first weekly increase in three weeks on signs of improving global demand and slowing inflation in top oil consumer the United States. The dollar headed for its largest weekly fall versus the euro in two-and-a-half months on Friday as signs of cooling inflation and a softening U.S. economy raised the prospect of rate cuts.
Foreign portfolio investors were net sellers at Rs 776 crore on Thursday, while DIIs bought shares worth Rs 2,128 crore. The rupee stayed range-bound and settled 4 paise lower at 83.50 against the US dollar on Thursday, weighed down by unabated foreign fund outflows amid investors’ weak appetite for riskier assets. The net short of FIIs increased from Rs 2.45 lakh crore on Wednesday to Rs 2.59 lakh crore on Thursday.
Several companies, including ZEEL, JSW Steel, Godrej Industries, Glaxo, and Sobha, among others, are set to announce their fourth quarter earnings on Friday.
