Stock market today: BSE Sensex surges over 500 points; Nifty50 above 23,750
Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, surged in trade on Monday morning. While BSE Sensex was above 78,600, Nifty50 was above 23,750. At 9:16 AM, BSE Sensex was trading at 78,629.72, up 588 points or 0.75%. Nifty50 was at 23,777.75, up 190 points or 0.81%.
According to market experts, Nifty’s crucial support level is now anticipated at 23,250, whilst resistance is expected between 23,850-24,000 for any upward movement.
“Nifty is in continuation of a downtrend and the only support that is visible on the chart is the swing low of 23,263, made on November 28 2024. 200 days SMA which is placed at 23,834 is now expected to act as an intermediate resistance for the short term,” said Nandish Shah, HDFC Securities.
US equities showed strong performance on Friday, recovering from two subdued sessions, supported by favourable inflation data and Federal Reserve officials’ statements regarding interest rates.
Asian equities advanced following lower-than-anticipated Federal Reserve inflation indicators, renewing expectations of rate reductions. Currency markets remained stable.
Gold prices remained stable Monday following Friday’s gains, influenced by reduced US dollar and Treasury yields after US economic reports indicated declining inflation.
Foreign portfolio investors sold Rs 3,598 crore net on Friday, while domestic institutional investors purchased Rs 1,374 crore worth of shares.
Foreign institutional investors increased their net short position from Rs 1.25 lakh crore to Rs 1.48 lakh crore between Thursday and Friday.
