Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in green on Friday. While BSE Sensex rose over 100 points, Nifty50 was near 21,950 levels. At 9:21 AM, BSE Sensex was trading at 72,422.77, up 19 points or 0.026%. Nifty50 was at 21,972.65, up 15 points or 0.069%.
The Indian equity markets experienced significant selling pressure on Thursday as investors turned risk-averse during the ongoing election season.They further reduced their equity exposure to avoid potential surprises. Siddhartha Khemka, Head of Retail Research at Motilal Oswal, expects this volatility to persist in the near term due to the absence of major positive triggers. He notes that if the Nifty fails to hold above the 22,000 level, it could potentially weaken towards 21,700.
Nagaraj Shetti of HDFC Securities says that having bounced back from the current support levels in the past, there is a higher probability of a minor upside bounce in the coming sessions, with immediate resistance at 22,100 levels. The India VIX, a measure of market fear, rose 6.5% to settle at 18.20 levels.
In the global markets, U.S. stocks closed higher on Thursday, with the Dow Jones Industrial Average advancing for the seventh consecutive day. All three major U.S. indexes gained after weekly jobless claims data supported the case for interest rate cuts.
Asian shares also rose on Friday, following the upbeat sentiment on Wall Street. Oil prices continued their upward trend, driven by signs of an improving economy in China and ongoing negotiations between Israel and Hamas. The U.S. dollar had a soft tone in early Asian trading on Friday after losing ground to the euro and sterling overnight due to U.S. data indicating a cooling labor market and higher odds of Fed rate cuts this year.
The Indian equity markets experienced significant selling pressure on Thursday as investors turned risk-averse during the ongoing election season.They further reduced their equity exposure to avoid potential surprises. Siddhartha Khemka, Head of Retail Research at Motilal Oswal, expects this volatility to persist in the near term due to the absence of major positive triggers. He notes that if the Nifty fails to hold above the 22,000 level, it could potentially weaken towards 21,700.
Nagaraj Shetti of HDFC Securities says that having bounced back from the current support levels in the past, there is a higher probability of a minor upside bounce in the coming sessions, with immediate resistance at 22,100 levels. The India VIX, a measure of market fear, rose 6.5% to settle at 18.20 levels.
In the global markets, U.S. stocks closed higher on Thursday, with the Dow Jones Industrial Average advancing for the seventh consecutive day. All three major U.S. indexes gained after weekly jobless claims data supported the case for interest rate cuts.
Asian shares also rose on Friday, following the upbeat sentiment on Wall Street. Oil prices continued their upward trend, driven by signs of an improving economy in China and ongoing negotiations between Israel and Hamas. The U.S. dollar had a soft tone in early Asian trading on Friday after losing ground to the euro and sterling overnight due to U.S. data indicating a cooling labor market and higher odds of Fed rate cuts this year.