Stock market today : Nifty50 and BSE Sensex , the Indian equity benchmark indices, opened flat in trade on Friday. While Nifty50 was above 25,850, BSE Sensex was near 84,500. At 9:17 AM, Nifty50 was trading at 25,877.90, down 14 points or 0.052%. BSE Sensex was at 84,506.43, down 50 points or 0.059%.
Nifty50 crossed the 26,000 mark for the first time in 52 weeks on Thursday, before retreating. The market rally is led by favourable global market sentiment and expectations of the India-US trade deal.
Increased foreign investment in Indian stocks and higher-than-expected corporate earnings are also driving sentiment, though experts expect pockets of profit booking.
Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “The market rally which began strongly yesterday on news of an imminent trade deal between India and US lost steam midway and completely fizzled out during the last hour. The positive news regarding the trade deal was not confirmed by the Indian side. This dampened the spirits of the bulls who couldn’t force further short covering. But it is important to note that the commerce minister did say that “we hope to work towards a fair and equitable agreement with the US” and, therefore, the ongoing rally is likely to remain intact.”
“A US-China trade deal also is likely in the coming summit between the top leaders from both sides. The US doesn't have a strong bargaining power with China which has huge leverage in rare earth minerals and magnets. This will force the US to climb down from its unrealistic tough tariff stance.”
US stocks rose on Thursday as investors assessed corporate results and evolving geopolitical situations.
Asian equities began higher on Friday as anticipated discussions between Donald Trump and Xi Jinping reduced trade-related concerns.
US crude futures declined during early trading on Friday, reducing some gains from the previous session whilst maintaining a weekly increase, as new US sanctions against Russia's largest oil firms concerning the Ukraine conflict raised supply worries.
Foreign portfolio investors sold shares worth Rs 1,165 crore net on Thursday. Domestic institutional investors were net purchasers at Rs 3,894 crore.
(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
Nifty50 crossed the 26,000 mark for the first time in 52 weeks on Thursday, before retreating. The market rally is led by favourable global market sentiment and expectations of the India-US trade deal.
Increased foreign investment in Indian stocks and higher-than-expected corporate earnings are also driving sentiment, though experts expect pockets of profit booking.
Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “The market rally which began strongly yesterday on news of an imminent trade deal between India and US lost steam midway and completely fizzled out during the last hour. The positive news regarding the trade deal was not confirmed by the Indian side. This dampened the spirits of the bulls who couldn’t force further short covering. But it is important to note that the commerce minister did say that “we hope to work towards a fair and equitable agreement with the US” and, therefore, the ongoing rally is likely to remain intact.”
“A US-China trade deal also is likely in the coming summit between the top leaders from both sides. The US doesn't have a strong bargaining power with China which has huge leverage in rare earth minerals and magnets. This will force the US to climb down from its unrealistic tough tariff stance.”
US stocks rose on Thursday as investors assessed corporate results and evolving geopolitical situations.
Asian equities began higher on Friday as anticipated discussions between Donald Trump and Xi Jinping reduced trade-related concerns.
US crude futures declined during early trading on Friday, reducing some gains from the previous session whilst maintaining a weekly increase, as new US sanctions against Russia's largest oil firms concerning the Ukraine conflict raised supply worries.
Foreign portfolio investors sold shares worth Rs 1,165 crore net on Thursday. Domestic institutional investors were net purchasers at Rs 3,894 crore.
(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
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