Stock market today: BSE Sensex surges 250 points; Nifty50 above 22,550 – Times of India

by The Technical Blogs


Stock market today: BSE Sensex and Nifty, the Indian equity benchmark indices, rallied in opening trade on Monday. BSE Sensex surged 250 points and Nifty50 was above 22,550. At 9:21 AM, BSE Sensex was trading at 74,462.55, up 214 points or 0.29%. Nifty50 was at 22,566.75, up 53 points or 0.24%.
Benchmark indices ended the first week of FY25 on a positive note, marking a third consecutive week of gains.The market outlook going forward will be influenced by key global and domestic economic data, including CPI and IIP figures, US inflation numbers, and jobless claims.
According to Arvinder Singh Nanda, Senior Vice President of Master Capital, Nifty is expected to see further consolidation in the upcoming sessions, with resistance likely around the 22,700-22,800 levels and support anticipated in the 22,400-22,300 range.
Analysts suggest that the recent consolidation in Nifty amidst weak global cues indicates a time-wise correction. They advise traders to maintain a positive bias as long as Nifty holds above the 22,200 level.
In the US, stocks closed higher on Friday following a strong jobs report that indicated a healthy economy, potentially delaying interest rate cuts by the US Federal Reserve. The Dow rose by 0.8%, the S&P 500 gained 1.1%, and the Nasdaq increased by 1.2%.
Asian markets mirrored the positive sentiment from Wall Street, with shares rising after better-than-expected US payrolls data. Oil prices declined as tensions in the Middle East eased, with Israel withdrawing troops from Gaza.
Oil prices fell by over $1 a barrel, with Brent dropping below $90. The dollar remained firm in Asian trading on Monday ahead of US inflation data release and as Treasury yields reached December highs.
Foreign portfolio investors continued as net sellers for the fourth consecutive day, while domestic institutional investors sold shares worth Rs 893 crore. The Indian rupee appreciated by 8 paise to close at 83.31 against the US dollar as the RBI maintained the benchmark interest rate at 6.5% for the seventh consecutive time.
FII data showed a net short position increase from Rs 33,628 crore on Thursday to Rs 35,190 crore on Friday.


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