30.1 C
New York

Today’s Stock Market Update: BSE Sensex Declines by 250 Points; Nifty50 Falls Below 22,700

Published:

Today’s Stock Market Update: BSE Sensex and Nifty Open in Red; Sensex Down 250 Points, Nifty50 Below 22,700

The Indian stock market benchmarks, BSE Sensex and Nifty, commenced trading in the negative territory on Friday. The 30-share index observed a decline of 250 points, while the Nifty50 slipped below the 22,700 mark. At 9:25 AM, BSE Sensex was recorded at 74,882.02, showing a decrease of 156 points or 0.21%, whereas Nifty50 stood at 22,702.65, down by 51 points or 0.22%.

Equity markets sustained their upward trajectory on Wednesday, marked by notable movements in individual stocks. Rajesh Bhosale, Technical Analyst at Angel One, cautioned investors amidst market volatility, recommending disciplined stock-specific trades with well-defined exit strategies.

The resistance and support levels are anticipated to be at 22,700-22,750 and 22,600 respectively, with a potential rally towards the 23,000 mark in the short term. Market observers will closely monitor the release of the Consumer Price Index (CPI) inflation figures and the Industrial Production (IIP) data later in the day.

US stocks concluded on a positive note on Thursday, driven by momentum in tech-related stocks, while Asian equities saw gains on Friday following a recovery in US markets. Oil prices surged due to heightened tensions in the Middle East, affecting supply from the region.

The yen faced challenges near a 34-year low on Friday, while the dollar remained close to a five-month high alongside elevated U.S. Treasury yields. Stocks placed in the F&O ban for the day comprised SAIL, Balrampur Chini Mills, Exide Industries, Hindustan Copper, Vodafone Idea, Nalco, India Cements, and ZEE.

Foreign portfolio investors turned net buyers at Rs 2,778 crore on Wednesday, whereas DIIs purchased shares worth Rs 163 crore. The rupee concluded flat at 83.31 against the US dollar on Wednesday.

FIIs’ net long position witnessed a significant surge from Rs 4,023 crore on Tuesday to Rs 51,282 crore on Wednesday. The fourth-quarter earnings season is set to kick off from Friday, with IT services company TCS taking the lead.

Related articles

spot_img

Recent articles

spot_img