stock market today: Indian equity benchmark indices BSE Sensex and Nifty50 opened in the green on Monday. While BSE Sensex was above 81,600 level, Nifty 50 was above 24,950. At 9:16 am, BSE Sensex was trading at 81,641.42, up 417 points or 0.51%. Nifty50 was up 105 points or 0.42% at 24,959.30.
Last week, domestic stock markets were down for the third consecutive week, falling about 0.5% as the corrective phase continued. In the absence of significant catalysts, investors will closely watch upcoming earnings reports for guidance. Today, shares of major banking players HDFC Bank and Kotak Bank will be in the news after their Q2 results.
Nagaraj Shetty of HDFC Securities suggests that a sustained upward move from the current levels could confirm an important downside reversal pattern, with immediate support at 24,500 and next resistance around 24,950-25,000 levels.
In the United States, the Dow Jones Industrial Average and S&P 500 hit record closing highs on Friday, driven by a surge in Netflix shares after strong earnings and broader gains in technology stocks. The Nasdaq also ended the session in positive territory.
Asian markets were mixed in early trading on Monday, with S&P 500 futures up 0.1%, while Hang Seng futures fell 0.4%. Australia’s S&P/ASX 200 rose 0.7%. Gold prices hit a record high as tensions in the Middle East increased demand for the precious metal as a safe-haven asset.
Many stocks including Chambal Fertilizers, SAIL, Hindustan Copper, Aarti Industries, Granules, Birla Soft, PNB, GNFC, IDFC First Bank, Tata Chemicals, IEX, Nalco, LTF and Bandhan Bank are under F&O restrictions today. These securities have exceeded 95% of the market-wide position limit.
On Friday, foreign portfolio investors (FPIs) were net sellers, selling shares worth Rs 5,486 crore, while domestic institutional investors (DIIs) bought shares worth Rs 5,215 crore.
The net short position of FIIs declined to Rs 1.62 lakh crore on Friday from Rs 1.69 lakh crore on Thursday.
