Stock market today: Nifty50 above 26,100; BSE Sensex up over 450 points
Stock market today (AI image)Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, rallied strongly in trade on Monday.
While Nifty50 was above 26,100, BSE Sensex surged over 450 points.
At 9:24 AM, Nifty50 was trading at 26,121.75, up 155 points or 0.60%. BSE Sensex was at 85,401.92, up 473 points or 0.56%.This week marks the beginning of the year-end festive season and will be shortened due to the Christmas holiday.Dr.
VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “It appears that the market is heading for a year end rally.
Two factors that can accelerate this rally are the sharp reversal in the rupee and the FIIs turning buyers in the cash market.
These two factors which are mutually reinforcing can trigger short covering in the market helping the benchmark indices to scale higher highs.
The Goldilocks domestic economic set up and the potential uptrend in earnings growth can provide the fundamental support to the possible market up move. However, the high valuations will restrain the rally and keep the bulls in check.”US stocks ended the week on a positive note on Friday after a volatile start, as a recovery in technology shares helped counterbalance significant losses in consumer stocks, such as Nike.Asian markets opened higher, following Friday’s gains in US stocks, which bolstered expectations for a strong year-end finish.Oil prices rose on Monday during the early trading hours in Asia.
This increase followed the US interception of a Venezuelan oil tanker over the weekend.On Friday, foreign portfolio investors made net buys of shares amounting to Rs 1,830 crore.
Domestic institutional investors (DIIs) were also net buyers, with buys totaling Rs 5,723 crore.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own.
These opinions do not represent the views of The Times of India)
