Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, opened in green on Friday a day after the stock market crash. While BSE Sensex was ip around 200 points, Nifty50 was near 24,000. At 9:18 AM, BSE Sensex was trading at 79,240.90, up 197 points or 0.25%. Nifty50 was at 23,983.05, up 69 points or 0.29%.
On Thursday, domestic markets crashed sharply influenced by monthly F&O expiry and unfavourable global indicators. Market sentiment was affected by the intensifying Russia-Ukraine conflict and uncertainty regarding US interest rates following mixed economic data.
“Nifty struggled to breach the key resistance at 24,350 and slipped below its 20 DEMA, filling the gap on the daily chart. This suggests a likely consolidation phase ahead. Decline in key sectors like IT and banking adds to the negative sentiment. Traders are advised to remain cautious and focus on stock-specific opportunities until a clearer trend emerges,” said Ajit Mishra – SVP, Research, Religare Broking
According to Hrishikesh Yedve of Asit C. Mehta Investment Intermediates, strong resistance persists at 24,350-24,360 levels. Traders are advised to secure profits during upswings and await fresh breakouts whilst trading below 24,360, he says.
European markets recovered, led by technology stocks, following a two-day decline. Asian markets showed mixed performance, with decreases in Australian and Japanese indices, whilst Hong Kong and US futures showed gains. Trading resumed post-Thanksgiving holiday.
Foreign portfolio investors offloaded shares valued at Rs 11,756 crore on Thursday, whilst domestic institutional investors acquired equities amounting to Rs 8,178 crore.
The foreign institutional investors’ net short position decreased to Rs 1.18 lakh crore on Thursday from Rs 1.35 lakh crore recorded the previous day.