- August 2, 2024
Stock market today: BSE Sensex plunges over 700 points; Nifty50 near 24,800 – Times of India
Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, plunged in trade on Friday tracking global cues. While BSE Sensex was near 81,200 levels, Nifty50 was near 24,800. At 9:16 AM, BSE Sensex was trading at 81,170.86, down 697 points or 0.85%. Nifty50 was at 24,805.70, down 205 points or 0.82%.
“Nifty is now approaching its immediate hurdle at 25,100 and will need fresh triggers to surpass this level.While buoyancy in the global markets, particularly in the US, is encouraging, the underperformance of banking majors is limiting momentum. We continue to advocate a buy on dips strategy, emphasizing careful stock selection,” said Ajit Mishra – SVP, Research, Religare Broking
The crucial resistance level of 25,000-25,100 remains intact, and the index failed to decisively break above this area. Short-term consolidation or a minor dip is possible, with immediate support at 24,750 levels, according to Nagaraj Shetti of HDFC Securities.
Global markets are showing weakness, with S&P 500 futures, Hang Seng futures, Nikkei 225 futures, Japan’s Topix, Australia’s S&P/ASX 200, and Euro Stoxx 50 futures all trading lower. The forex market is relatively stable, with the euro, Japanese yen, offshore yuan, and Australian dollar showing little change against the US dollar.
Oil prices rose on Friday but are set for a fourth weekly decline due to signs of disappointing global fuel demand growth outweighing fears of supply disruptions in the Middle East. Brent crude futures gained 0.4% to $79.85 a barrel, while U.S. West Texas Intermediate crude futures rose 0.5% to $76.69.
Several stocks are in the F&O ban period today, including India Cements, Granules, BirlaSoft, Indiamart, RBL Bank, and GNFC. Foreign portfolio investors turned net buyers at Rs 2,089 crore on Thursday, while DIIs bought shares worth Rs 337 crore.
Titan, Hindustan Zinc, Delhivery, and 98 other companies are set to announce their first quarter results on Friday.
“Nifty is now approaching its immediate hurdle at 25,100 and will need fresh triggers to surpass this level.While buoyancy in the global markets, particularly in the US, is encouraging, the underperformance of banking majors is limiting momentum. We continue to advocate a buy on dips strategy, emphasizing careful stock selection,” said Ajit Mishra – SVP, Research, Religare Broking
The crucial resistance level of 25,000-25,100 remains intact, and the index failed to decisively break above this area. Short-term consolidation or a minor dip is possible, with immediate support at 24,750 levels, according to Nagaraj Shetti of HDFC Securities.
Global markets are showing weakness, with S&P 500 futures, Hang Seng futures, Nikkei 225 futures, Japan’s Topix, Australia’s S&P/ASX 200, and Euro Stoxx 50 futures all trading lower. The forex market is relatively stable, with the euro, Japanese yen, offshore yuan, and Australian dollar showing little change against the US dollar.
Oil prices rose on Friday but are set for a fourth weekly decline due to signs of disappointing global fuel demand growth outweighing fears of supply disruptions in the Middle East. Brent crude futures gained 0.4% to $79.85 a barrel, while U.S. West Texas Intermediate crude futures rose 0.5% to $76.69.
Several stocks are in the F&O ban period today, including India Cements, Granules, BirlaSoft, Indiamart, RBL Bank, and GNFC. Foreign portfolio investors turned net buyers at Rs 2,089 crore on Thursday, while DIIs bought shares worth Rs 337 crore.
Titan, Hindustan Zinc, Delhivery, and 98 other companies are set to announce their first quarter results on Friday.
