Stock Market Today (Image source: iStock)
Stock Market Today: Indian equity benchmarks BSE Sensex and Nifty50 indices on Monday opened in green.
While the BSE Sensex opened 254 points or 0.34 per cent up at 73,984, Nifty50 was above 22,490 was up by 0,31 per cent or 70 points at 9:15 AM.
The Indian stock market extended its winning streak to a fresh week on Monday, propelled by positive global sentiment.
‘Friday’s deep cuts took away all the positivity that Thursday’s sharp rise had brought forward. But it failed to strengthen directional moving indicators, suggesting that bearish momentum is missing, despite the week’s close suggesting otherwise. We are inclined to give more weightage to the ADX’s signals and stay on the sidelines. Traders, however, will find opportunities, as we see Nifty swinging about three percentage, on either side of 22300, without taking off in any direction, for a week or so. For the day, expect positivity while above 22450, but expect momentum to slow down on rise to 22600. Bearish moves are less likely to get directional unless below 22370/330,’ said Anand James, Chief Market Strategist, Geojit Financial Services.
Global Cues
Asia-Pacific markets saw an uptick on Monday, driven by anticipation surrounding the Federal Reserve’s upcoming meeting and bolstered by higher-than-expected U.S. inflation data released on Friday. The Gift Nifty indicates a positive opening for the market.
U.S. & Europe Market Out Look
In the U.S., stocks rallied on Friday, marking the best week for the S&P 500 and Nasdaq Composite since November. This surge was fueled by robust earnings reports from Big Tech firms. Meanwhile, Europe’s benchmark stock index witnessed its largest single-day increase in over three months, propelled by gains in the banking and industrial sectors, further buoyed by positive results from U.S. mega-cap companies.
Commodity Market
Despite U.S. inflation data meeting expectations, gold prices continued their upward trajectory on Friday, supported by persistent geopolitical uncertainties, which maintained demand for the safe-haven metal. On the other hand, oil prices rebounded, putting an end to a two-week losing streak, as concerns over tensions in the Middle East provided a boost to the market.
FPIs Activity: Foreign Portfolio Investors (FPIs) offloaded Indian equities worth Rs 6,300 crore in April, driven by sustained rises in U.S. bond yields.
Corporate Updates:
Earnings Reports: UltraTech Cement, Birlasoft, Can Fin Homes, Fedbank Financial Services, and SCI reported their quarterly earnings.
AdaniConneX: The company secured USD 1.44 billion from eight global banks to construct data centres.
Maruti Suzuki India: Recorded a standalone net profit of Rs 3,878 crore for the quarter ended March FY24, marking a substantial 47.8 per cent increase over the previous year.
Shakti Pumps: Recorded a significant 41-fold year-on-year increase in net profit, reaching Rs 89.7 crore.
