Stock market surges to record-breaking high
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Mumbai: BSE Sensex and Nifty50, the Indian equity stock market woke up into a lifetime high indices on Monday, surged in trade on Monday morning reaching lifetime highs. While BSE Sensex crossed the 77,000 mark, Nifty50 spiked near 23,400. At 9:18 AM, BSE Sensex was trading at 77,014.69, up 321 points or 0.42%. Nifty50 was at 23,391.55, up 101 points or 0.44%.
The Indian stock market witnessed a record-busting surge amidst election-related volatility last week. Analysts expect the persistence of the upward trend in the coming weeks, with attention now turning to crucial economic indicators both domestically and globally. Nagaraj Shetti of HDFC Securities says that there is a possibility of a minor dip in the market from the highs in the short term, around the 23300-23400 levels, which could present a buying opportunity. The immediate support level is at 22900, Times of India reported.
Today, ZEE, Balrampur Chini Mills, and SAIL are among the stocks under the F&O ban. Securities enter the F&O ban period when they exceed 95% of the market-wide position limit. On Friday, foreign portfolio investors were net buyers, with purchases amounting to Rs 4,391 crore, while domestic institutional investors sold shares worth Rs 1,289 crore. The rupee strengthened by 13 paise to 83.40 against the US dollar, reflecting a positive trend in domestic equity markets following the Reserve Bank of India's (RBI) decision to maintain the key policy rate.
The net short position of foreign institutional investors decreased from Rs 2.87 lakh crore on Thursday to Rs 1.92 lakh crore on Friday.
