Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, opened in red on Monday driven by global cues. While BSE Sensex was near 85,200, Nifty50 was around 26,100. At 9:18 AM, BSE Sensex was trading at 85,221.09, down 351 points or 0.41%. Nifty50 was at 26,100.35, down 79 points or 0.30%.
The Indian stock market maintained its positive trend for the third straight week, primarily influenced by supportive global factors.As there are no significant domestic events on the horizon, international developments will play a crucial role in shaping the market’s direction.
“The Nifty is now targeting 26,500, with the potential to reach 27,000, especially if IT stocks show momentum alongside other major sectors. In the event of a dip, the 25,700-25,900 zone is expected to provide support,” said Ajit Mishra – SVP, Research, Religare Broking
The near-term uptrend remains intact, with the immediate support level at 25,900, according to Nagaraj Shetti of HDFC Securities.
In the global markets, US stocks closed higher, with the Dow Jones Industrial Average reaching a record high following a subdued inflation report that raised hopes for further Federal Reserve rate cuts.
Japanese shares, on the other hand, slumped on Monday due to expectations of additional central bank interest rate hikes. Oil prices edged higher on concerns over potential supply disruptions from the Middle East, while the Japanese yen steadied as the incoming prime minister signaled a continuation of accommodative monetary policy.
Foreign portfolio investors (FPIs) were net sellers on Friday, offloading shares worth Rs 1,209 crore, while domestic institutional investors (DIIs) bought shares worth Rs 6,886 crore.
Source Agencies
