Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, hit lifetime highs in trade on Monday. While BSE Sensex touched the 81,749.34 mark, Nifty50 also hit 24,980.45, just shy of 25,000. At 9:20 AM, BSE Sensex was trading at 81,658.01, up 325 points or 0.40%. Nifty50 was at 24,928.15, up 93 points or 0.38%.
The Indian stock market is experiencing a strong bull run, with consistent gains over the past eight weeks, despite challenges such as volatility and profit booking. Moving forward, analysts believe that the first quarter earnings reports from major companies will be a significant factor in determining the market’s direction, according to an ET report.
Technical analysis by Nagaraj Shetti of HDFC Securities indicates that the positive chart pattern of higher tops and bottoms is intact on the daily chart, and the Nifty appears to have confirmed a new higher bottom formation recently.
Global markets also showed signs of recovery, with U.S. stocks climbing on Friday as equities stabilized after a sharp selloff, and economic data showed an improving inflation landscape.
Asian shares rose on Monday, ahead of key central bank decisions in Japan, the U.S., and the U.K., as well as significant tech earnings releases. Oil prices increased on Monday, paring last week’s loss, due to concerns about a potential escalation in the Middle East conflict following a rocket strike in the Israeli-occupied Golan Heights.
Foreign portfolio investors turned net buyers, purchasing shares worth Rs 2,546 crore on Friday, while domestic institutional investors bought shares worth Rs 2,774 crore.
The net long position of FIIs increased from Rs 62,416 crore on Thursday to Rs 1.32 lakh crore on Friday. Several companies, including Adani Total Gas, HPCL, Adani Wilmar, and ACC, are set to announce their first quarter results on Monday.
Republished. Link to Original Article: https://timesofindia.indiatimes.com/business/india-business/stock-market-today-bse-sensex-nifty50-july-29-2024-dalal-street-indian-equities-earnings-season-global-markets/articleshow/112094033.cms