Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in green on Monday. While BSE Sensex was above 81,300, Nifty50 was above 24,850. At 9:16 AM, BSE Sensex was trading at 81,305.31, up 219 points or 0.27%. Nifty50 was at 24,879.90, up 57 points or 0.23%.
This week, investors will likely react to US Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium on Friday, where he suggested that rate cuts happen anytime in the near future.
“Indian markets are expected to follow gains seen in the US stock market, as the likelihood of a “soft landing” for the global economy increases amid signs of economic softening. A potential rate cut by the Fed would likely boost market sentiment and drive up stock prices,” said Pravesh Gour, Senior Technical Analyst at Swastika Investmart.
Nagaraj Shetti of HDFC Securities believes that the underlying trend of Nifty remains choppy with a positive bias, and further upward movement could push Nifty towards 25000-25100 levels in the near term, with immediate support at 24650.
In global markets, S&P 500 futures were little changed, while Hang Seng futures rose 0.6%. Japan’s Topix fell 0.8%, Australia’s S&P/ASX 200 rose 0.4%, and Euro Stoxx 50 futures rose 0.4%.
The Japanese yen strengthened against the US dollar, reaching a three-week high, as Powell’s dovish shift contrasted with Bank of Japan chief Kazuo Ueda’s hawkish stance. The US currency also hovered near its lowest in 13 months against the euro, with Bank of England head Andrew Bailey’s comments signaling a less aggressive stance on interest rate cuts compared to the Fed.
Oil prices extended gains on Monday due to concerns that a major spillover from the Gaza conflict could disrupt regional oil supplies, while the prospect of imminent US interest rate cuts boosted the global economic and fuel demand outlook. Brent crude futures climbed 0.5% to $79.39 a barrel, and US crude futures rose 0.5% to $75.19 a barrel.
Several stocks are in the F&O ban period today, including India Cements, Balrampur Chini Mills, GNFC, Nalco, Birla Soft, Sun TV, Aarti Industries, ABFRL, PEL, LIC Housing Finance, Hindustan Copper, Granules, and Chambal Fertilisers.
Foreign portfolio investors turned net buyers, purchasing shares worth Rs 1,944 crore on Friday, while domestic institutional investors bought shares worth Rs 2,896 crore.
This week, investors will likely react to US Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium on Friday, where he suggested that rate cuts happen anytime in the near future.
“Indian markets are expected to follow gains seen in the US stock market, as the likelihood of a “soft landing” for the global economy increases amid signs of economic softening. A potential rate cut by the Fed would likely boost market sentiment and drive up stock prices,” said Pravesh Gour, Senior Technical Analyst at Swastika Investmart.
Nagaraj Shetti of HDFC Securities believes that the underlying trend of Nifty remains choppy with a positive bias, and further upward movement could push Nifty towards 25000-25100 levels in the near term, with immediate support at 24650.
In global markets, S&P 500 futures were little changed, while Hang Seng futures rose 0.6%. Japan’s Topix fell 0.8%, Australia’s S&P/ASX 200 rose 0.4%, and Euro Stoxx 50 futures rose 0.4%.
The Japanese yen strengthened against the US dollar, reaching a three-week high, as Powell’s dovish shift contrasted with Bank of Japan chief Kazuo Ueda’s hawkish stance. The US currency also hovered near its lowest in 13 months against the euro, with Bank of England head Andrew Bailey’s comments signaling a less aggressive stance on interest rate cuts compared to the Fed.
Oil prices extended gains on Monday due to concerns that a major spillover from the Gaza conflict could disrupt regional oil supplies, while the prospect of imminent US interest rate cuts boosted the global economic and fuel demand outlook. Brent crude futures climbed 0.5% to $79.39 a barrel, and US crude futures rose 0.5% to $75.19 a barrel.
Several stocks are in the F&O ban period today, including India Cements, Balrampur Chini Mills, GNFC, Nalco, Birla Soft, Sun TV, Aarti Industries, ABFRL, PEL, LIC Housing Finance, Hindustan Copper, Granules, and Chambal Fertilisers.
Foreign portfolio investors turned net buyers, purchasing shares worth Rs 1,944 crore on Friday, while domestic institutional investors bought shares worth Rs 2,896 crore.
