Stock market today: BSE Sensex drops 250 points; Nifty50 below 22,700
Stock market today: BSE Sensex and Nifty, the Indian stock market benchmark indices, opened in red on Friday with the 30-share index dipping 250 points and Nifty50 going below 22,700. At 9:25 AM, BSE Sensex was trading at 74,882.02, down 156 points or 0.21%. Nifty50 was at 22,702.65, down 51 points or 0.22%.
Equity markets continued their upward trend on Wednesday with active movements in individual stocks. Rajesh Bhosale, Technical Analyst at Angel One, advises caution amidst market uncertainty, suggesting disciplined stock-specific trades with proper exit strategies.
The resistance and support levels are likely to be at 22,700-22,750 and 22,600 respectively, with a potential rally towards 23,000 in the short term.
Markets will keenly watch the Consumer Price Index (CPI) inflation numbers and IIP data due to be released later in the day.
US stocks closed higher on Thursday, driven by tech-related momentum stocks, while Asian equities advanced on Friday following a rebound in US stocks. Oil prices rose due to escalating tensions in the Middle East, impacting supply from the region.
The yen struggled near a 34-year low on Friday, with the dollar near a five-month high alongside U.S. Treasury yields. Stocks in the F&O ban for the day included SAIL, Balrampur Chini Mills, Exide Industries, Hindustan Copper, Vodafone Idea, Nalco, India Cements, and ZEE.
Foreign portfolio investors turned net buyers at Rs 2,778 crore on Wednesday, while DIIs bought shares worth Rs 163 crore. The rupee closed flat at 83.31 against the US dollar on Wednesday.
FIIs’ net long position increased significantly from Rs 4,023 crore on Tuesday to Rs 51,282 crore on Wednesday. IT services company TCS is set to kickstart the fourth quarter earnings season from Friday.
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