Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, surged in trade on Friday. While BSE Sensex was above 83,400, Nifty50 was trading over 25,500. At 9:17 AM, BSE Sensex was at 83,486.56, up 302 points or 0.36%. Nifty50 was at 25,516.60, up 101 points or 0.40%.
The Indian stock market reacted positively to the US Federal Reserve’s decision to cut interest rates by 50 basis points, with the Nifty index reaching new highs above 25,600 on Thursday.
“While the US Fed policy is out, investors will look for the other three central banks’ outcomes, namely BOJ, BOE, and China. Overall we expect the market to stay in a range with positive bias,” said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal.
Technical analysis by Nagaraj Shetti of HDFC Securities suggests that the small negative candle formed on the daily chart with a long upper shadow indicates a false upside breakout of the range movement at 25,500 levels. Having rejected sharply from the new highs, a minor dip in the short term is possible.
Global markets, including the S&P 500, Nasdaq 100, and Dow Jones Industrial Average, all rose, while the MSCI World Index and Bloomberg Magnificent 7 Total Return Index also posted gains. The euro and British pound strengthened against the US dollar, while the Japanese yen fell slightly.
Oil prices were on track to end higher for a second straight week, supported by the US interest rate cut and declining global stockpiles. Brent futures and US crude both registered weekly gains.
Foreign portfolio investors (FPIs) turned net sellers, offloading shares worth Rs 2,547 crore on Wednesday, while domestic institutional investors (DIIs) bought shares worth Rs 2,013 crore. The net long position of FIIs reduced from Rs 2.3 lakh crore on Wednesday to Rs 2.23 lakh crore on Thursday.
Republished. Link to Original Article: https://timesofindia.indiatimes.com/business/india-business/stock-market-today-bse-sensex-nifty50-september-20-2024-dalal-street-indian-equities-global-markets/articleshow/113509283.cms