Today's stock market: On Friday, the key Indian equity indexes, the BSE Sensex and Nifty50, started higher. The BSE Sensex increased by 100 points, while Nifty50 also started the day higher. The BSE Sensex was up 24 points, or 0.031%, at 76,834.46 at 9:21 AM. Nifty50 was down 1 point, or 0.0056%, at 23,397.60.
On Thursday, the US and Indian markets rose to new heights, helped by both nations' reduced inflation statistics. The market fear gauge, the India Vix, fell below 14 for the first time in six weeks. Based on positive monsoon projections, solid domestic macroeconomic variables, and high profit expectations, market experts feel that the rally is likely to continue.
"Over the past few days, the market has been stabilizing with a positive tilt and is slowly but surely rising. According to Siddhartha Khemka, Head of Retail Research at Motilal Oswal, "the uptrend is likely to continue supported by robust domestic macros, healthy monsoon prediction, and strong earnings expectation."
The Nifty's short-term trend is still range-bound and leaning upward. But in the past, sideways moves at greater peaks have frequently resulted in market declines downhill. According to HDFC Securities' Nagaraj Shetti, the Nifty is still facing resistance in the 23400–23500 levels. Immediate support is located at the 23280 levels.
Due to the continued rise in technology companies, the S&P 500 and Nasdaq closed at record highs in the US for the fourth day in a row. The US producer price inflation data for May was comparatively moderate, but the Federal Reserve's more hawkish posture caused the currency to gain.
Although oil prices fell on Friday, they were still on course for their first weekly rise in four weeks as investors assessed the effects of persistently rising US interest rates against upbeat forecasts for the demand for fuel and petroleum in the next year.
On Thursday, domestic institutional investors sold for a total of Rs553 crore, while foreign portfolio investors were net sellers at Rs3,033 crore. On Wednesday, FIIs' net short position was Rs 80,000 crore; on Thursday, it was Rs 34,840 crore.
