Stock market today
:
BSE Sensex
and Nifty50, the Indian equity benchmark indices, surged in opening trade on Friday. While BSE Sensex climbed over 1,000 points,
Nifty50
was above 24,350. At 9:16 AM, BSE Sensex was trading at 79,687.89, up 802 points or 1.02%. Nifty50 was at 24,350.55, up 234 points or 0.97%.
After a brief respite on Wednesday, the bears appear to have resumed their activity following the crucial RBI monetary policy announcement on Thursday.
Market analysts have observed that the Nifty continues to trade within a narrow range, with a symmetrical triangle pattern forming on the hourly charts as the trading range narrows.
“The lower end of this pattern has moved up to 24050 – 24000, and breaking below this level could lead to a drop towards 23900 and lower in the coming sessions. Conversely, 24300 – 24400 remains a significant resistance, and breaking above this upper range could bring some optimism back to the market,” said Rajesh Bhosale, Equity Technical Analyst, Angel One.
According to Chandan Taparia from Motilal Oswal, the Nifty has found support at its 50-DEMA but is encountering persistent selling pressure near the 24350 zone. A decisive breakout above 24350 or below 24000 is required to initiate the next leg of the rally. However, the immediate structure remains negative, suggesting that selling on rallies could persist even within the current trading range.
Oil prices edged lower in early Asian trading on Friday but are on track for a weekly gain of more than 3%. U.S. jobs data alleviated demand concerns, while fears of an escalating conflict in the Middle East persisted. Brent crude futures slipped 9 cents, or 0.11%, to $79.07 a barrel, while U.S. West Texas Intermediate crude futures were down a cent at $76.09 per barrel.
Eleven stocks are currently in the F&O ban period, including India Cements, AB Capital, Birla Soft, Indiamart, RBL Bank, GNFC, ABFRL, Manappuram, LIC Housing Finance, and PNB. These securities have crossed 95% of the market-wide position limit.
Foreign portfolio investors (FPIs) turned net buyers, purchasing shares worth Rs 2,626 crore on Thursday, while domestic institutional investors (DIIs) bought shares worth Rs 577 crore
Trent, Grasim, Info Edge, Honasa Consumer, and 306 other companies are set to announce their first-quarter results on Friday.