Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in green on Monday. While BSE Sensex was up over 100 points, Nifty50 was above 24,000. At 9:16 AM, BSE Sensex was at 79,323.56, up 100 points or 0.13%. Nifty50 was at 24,029.25, up 25 points or 0.10%.
After a three-day rally, the markets experienced a decline of over half a per cent on Friday. According to analysts, this retreat appears to be a normal consolidation following recent gains and might continue until the Nifty firmly surpasses the 24,250 resistance level.
The second week of the year starts with TCS earnings announcement, which could be pivotal as positive Q3 results might reverse the current FII outflow trend.
Technical analysis suggests that the index could advance towards 24,200-24,220, with potential to reach 24,500 if it crosses 24,220. Support lies at 23,700 if it falls below 24,000.
US equities recovered on Friday as the new year began with expectations of Fed rate reductions. Asian markets showed mixed performance on Monday following Wall Street’s recovery.
The US dollar remained close to its two-year high on Monday whilst traders anticipated multiple US economic data releases this week, with December’s nonfarm payrolls report being the key focus for insights into the Federal Reserve’s interest rate decisions.
Gold maintained stable prices on Monday as market participants waited for various US economic indicators scheduled this week to understand the Federal Reserve’s stance on interest rates.
Foreign portfolio investors registered net sales of Rs 4,227 crore on Friday, whilst domestic institutional investors acquired shares worth Rs 821 crore.
FIIs’ net short position increased from Rs 2.02 lakh crore on Thursday to Rs 2.29 lakh crore on Friday.
