Stock market today: Nifty50 near 25,600; BSE Sensex opens over 100 points up
Stock market today:
and
, the Indian equity benchmark indices, opened in green on Friday on the back of favourable global cues. While Nifty50 was near 25,600, BSE Sensex was up over 100 points.
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At 9:17 AM, Nifty50 was trading at 25,596.00, up 47 points or 0.185.
BSE Sensex was at 83,887.29, up 131 points or 0.16%.
Market experts suggest the Nifty index will likely approach its previous all-time highs, supported by robust domestic economic indicators and favourable global conditions.
VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, 'A significant feature of the ongoing bull market which started after the Covid crash ( 7511 Nifty on 23rd March 2020) is its ability to climb all walls of worries.
High inflation, aggressive monetary tightening by the central banks, geopolitical events including some wars and conflicts, and unprecedented tariff threats, did pose some threats to the rally, but the bull market climbed all these walls of worries.
It appears that the rally is unlikely to be impacted by the approaching July 9th tariff deadline imposed by President Trump. News that the July 9th deadline is likely to be extended is a positive for the market.
A significant development in the currency market is the sustained weakness in the dollar with the dollar index declining to around 97. This explains the big FII investment of Rs 12594 crores yesterday which is a huge buy figure even though it includes some bulk deals. This big FII buying has lifted large caps like HDFC Bank, ICICI Bank, Bharti, RIL and Bajaj Finance, which in turn, has contributed to the sharp spike in the benchmark indices.
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The market momentum is strong but some profit booking is likely in the near-term."
US markets finished higher on Thursday, with the S&P 500 and Nasdaq approaching record closes. The advance was supported by the continuing Israel-Iran ceasefire and economic data suggesting potential Federal Reserve interest rate reductions this year.
Oil prices increased on Friday due to heightened fuel demand during the US summer driving season, despite weekly declines influenced by the sustained Iran-Israel ceasefire and reduced Middle East supply concerns.
Foreign portfolio investors purchased shares worth Rs 12,594 crore net on Thursday. Domestic institutional investors sold shares worth Rs 195 crore net.
FIIs' position in the futures market decreased from a net short of Rs 1.06 lakh crore on Wednesday to Rs 34,967 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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