Stock Market Today: Mr. Nagaraj Shetti from HDFC Securities also sees a positive undercurrent trend in Nifty.
Indian stock market benchmark indices—BSE Sensex and Nifty50—bled red right from the opening on Monday.
The Nifty50 was at 24,297.40, down 26 points or 0.11%. Benchmark indices closed with minor gains on Friday, but the overall week was positive. Analysts expect the market to consolidate at a higher zone after a 7% run-up last month. “This week, we expect stock and sector-specific action as the market starts taking cues from Q1FY25 earnings. On the macro front, investors will look out for inflation data released by India, the US, and China, Nagaraj Shetti of HDFC Securities notes that the underlying trend of Nifty remains positive, with a possibility of an upside breakout around 24400-24500 levels in the subsequent few sessions. The immediate support is at 24170 levels, he said. Global markets: S&P 500 futures fell 0.2%, Hang Seng futures dropped 0.3%, Japan’s Topix declined 0.4%, and Australia’s S&P/ASX 200 was down 0.4%. Euro Stoxx 50 futures barely moved.
The euro slipped 0.2% to $1.0823, while the Japanese yen and offshore yuan hardly moved in FX markets. Some supply-related anxiety underpinned the price of oil, as the biggest ports in Texas—Corpus Christi and Houston—have remained closed before tropical storm Beryl likely became a hurricane and finally hit the ground on Monday. Brent crude futures rose 11 cents, or 0.1%, to $ 86.65 a barrel at 0042 GMT after closing down 89 cents on Friday.
Traders also closely monitored the F&O segment, where several stocks currently remain under the ban period. These include Indian Cements, Hindustan Copper, ABFRL, Bandhan Bank, PEL, and GNFC. Foreign portfolio investors turned out to be net buyers at Rs 1,241 crore on Friday, while DIIs remained sellers at Rs 1,651 crore.
The net long of FIIs fell from Rs 3.92 lakh crore on Thursday to Rs 3.84 lakh crore on Friday.