Stock Market Today: Sensex, Nifty climb in early trade in special trading session

Equity benchmark indices climbed in early trade in a special trading session on Saturday, May 18, 2024, extending their rally to the third day running, amid fresh foreign fund inflows.

The 30-share BSE Sensex climbed 158.01 points to 74,075.04 in early trade. The NSE Nifty went up by 53.75 points to 22,519.85.

Among the Sensex components, Power Grid, Nestle, Asian Paints, IndusInd Bank and Tata Steel were the major gainers.

JSW Steel and Axis Bank were the laggards.

Wall Street ended mostly higher on Friday.

“The Dow Jones Industrial Average has hit 40,000 for the first time, buoyed by optimism from a softer-than-expected April inflation report, which has increased bets on a September rate cut by the Federal Reserve.

“This positive sentiment extends to Indian markets, with the Nifty likely trading between 22,000-22,500, facing resistance at 22,500 and support at 22,000,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

Foreign Institutional Investors (FIIs) turned buyers on Friday after days of unabated outflows. They bought equities worth Rs 1,616.79 crore on Friday, according to exchange data.

“Dow Jones closing in record territory above 40,000 will continue to provide global support for equity markets. A significant trend now is the FIIs turning buyers yesterday, and this takes away the pressure on the markets,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global oil benchmark Brent crude climbed 0.85 per cent to USD 83.98 a barrel.

The BSE benchmark climbed 253.31 points or 0.34 per cent to settle at 73,917.03 on Friday. The NSE Nifty advanced 62.25 points or 0.28 per cent to 22,466.10.

The National Stock Exchange (NSE) on May 7 said it will conduct a special trading session in the equity and equity derivative segments on May 18 to check its preparedness to handle major disruption or failure at the primary site.

The special live trading session will have an intra-day switchover from the Primary Site (PR) to the Disaster Recovery (DR) site.

In a circular, the exchange said there will be two sessions — the first from 9:15 am to 10 am from the PR, and the second from 11:30 am to 12:30 pm from the DR site.

Earlier on March 2 (Saturday), the BSE and NSE conducted a special trading session in the equity and equity derivative segments.