Stock market today: Nifty50 above 24,600; BSE Sensex up 100 points
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, opened in green on Thursday. While Nifty50 was above 24,600, BSE Sensex was up 100 points. At 9:21 AM, Nifty50 was trading at 24,632.55, up 12 points or 0.050%. BSE Sensex was at 81,037.41, up 39 points or 0.048%.Market experts anticipate continued consolidation, influenced by global trends and economic indicators, whilst individual stocks may see movement based on sector-specific developments.VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “Both geopolitical and economic news are likely to weigh on markets in the near-term. A serious concern is a potential Russian retaliation to the recent Ukraine attacks on Russian planes. How serious this will be and what will be its consequences are unknown factors now.”“The major economic news is the sharp dip in the US ISM PMI data. This indicates that the US economy is slowing down sharply. The US 10-year bond yield has declined to 4.36 % and, given the slowing US economy, is likely to trend lower. This will turn out to be good for EMs like India in the medium term, but the spike in uncertainty will keep the market within the present range for the near-term. Buy on dips continues to be the ideal strategy now. Rate sensitives will be preferred in view of the expected rate cut by the MPC on 8th June.”American markets showed mixed results on Wednesday. The S&P 500 remained flat, whilst the Nasdaq Composite increased slightly and the Dow Jones Industrial Average declined, following poor economic data highlighting the impact of Trump’s trade policies.Gold prices edged higher on Thursday following disappointing U.S. economic data that increased the appeal of safe-haven investments, whilst traders evaluated ongoing global economic and political uncertainties.Oil prices declined in early Thursday trading following increased U.S. gasoline and diesel stockpiles and Saudi Arabia’s reduction in July crude prices for Asian customers.Foreign portfolio investors sold shares worth Rs 1,076 crore net on Wednesday, whilst domestic institutional investors purchased Rs 2,567 crore net.Foreign institutional investors’ net short position in futures market decreased from Rs 1.04 lakh crore on Tuesday to Rs 1.02 lakh crore on Wednesday.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
