Market Opening
Today, the Indian stock market opened on a positive note, with both major indices, BSE Sensex and Nifty50, starting in the green. As of 9:16 AM, the BSE Sensex was trading at 82,198.68, up 226 points or 0.28%, while Nifty50 stood at 25,196.05, gaining 68 points or 0.27%.
Recent Market Performance
Yesterday, the Indian stock market closed on a strong note, reaching near the day’s highs. Today, the market will see the launch of the Hyundai IPO, which is poised to be the largest-ever in India, with an issue size of ₹27,870 crore. Siddhartha Khemka, Head of Research at Motilal Oswal Wealth Management, commented, “Markets have gradually picked up, with Nifty sustaining above the 25,000 mark. We expect this upward trend to continue with stock-specific movements.”
Key Technical Insights
Nagaraj Shetti of HDFC Securities pointed out that a sustainable move above the 25,200 level could signal an upside breakout for Nifty, potentially pushing it toward the 25,500-25,600 range in the near term, with immediate support at the 24,900 level.
International Market Trends
On the international front, Wall Street ended positively on Monday, with both the S&P 500 and Dow achieving record finishes. Investors showed increased interest in technology stocks ahead of a busy week of corporate earnings and key economic data. The Dow gained 0.47%, the S&P 500 rose by 0.77%, and the Nasdaq jumped 0.87%. Following this strong performance, Asian shares also saw gains, with stocks hitting new record highs. Oil prices experienced a decline of $2 as concerns eased over potential Israeli attacks on Iranian energy facilities.
Asian Market Performance
As of 9:40 AM Tokyo time, S&P 500 futures showed little change. In the Asia-Pacific region, Japan’s Topix rose by 0.9%, Australia’s S&P/ASX 200 increased by 0.8%, and Euro Stoxx 50 futures climbed by 0.3%. Oil prices fell due to OPEC revising its outlook for global oil demand growth in 2024 and 2025.
F&O Ban Period and Investor Activity
Today, eleven stocks are under the F&O ban period, including Chambal Fertilisers, SAIL, Hindustan Copper, RBL Bank, Granules, Manappuram, PNB, GNFC, IDFC First Bank, Tata Chemicals, IEX, and Nalco, as they have crossed 95% of the market-wide position limit.
On Monday, foreign portfolio investors turned net sellers, offloading ₹3,731 crore worth of shares, while domestic institutional investors (DIIs) bought shares worth ₹2,278 crore. The net short position of foreign institutional investors (FIIs) slightly decreased from ₹1.502 lakh crore on Friday to ₹1.501 lakh crore on Monday.
