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Home » Today’s stock market: Nifty crosses 22,550, and the BSE Sensex rises 600 points to above 74,400.
Finance

Today’s stock market: Nifty crosses 22,550, and the BSE Sensex rises 600 points to above 74,400.

FabienBy FabienApril 25, 2024Updated:April 25, 2024No Comments
Today’s stock market: Nifty crosses 22,550, and the BSE Sensex rises 600 points to above 74,400.

Stock Market for today: Following a sluggish first half of trading, the Indian equities benchmark indices, the BSE Sensex and Nifty50, saw a sharp increase in the afternoon session on Thursday. While Nifty50 crossed 22,550, the BSE Sensex gained more than 600 points. The BSE Sensex was up 562 points, or 0.76%, at 2:17 PM. It was trading at 74,415.20. Nifty50 was up 173 points, or 0.77%, at 22,575.25.

Wednesday’s gains by the Indian stock markets continued their winning run for the fourth straight session, helped by the upbeat mood throughout the world.

The market is still in a bullish trend, according to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. Negative variables like rising bond yields in the US—the 10-year yield is still above 4.6%—and geopolitical tensions have little effect on this trend.

Reports that Israel is targeting sites related to Hezbollah are unlikely to affect market sentiment until there is a noticeable increase in hostilities. “Kotak Bank’s regulatory limitations will have an impact on the shares. There won’t be any significant corrections to the market because the VIX is at low levels. Consolidation is probably in store in the near future,” Vijayakumar was cited by ET.

Deven Mehata, Research Analyst at Choice Broking, states that 22,300, 22,250, and 22,200 are the Nifty index’s support levels. Upward, 22,450 is anticipated to be the first resistance level, followed by 22,500 and 22,600.

Trading

The S&P 500 closed higher in tumultuous trading, but Asian equities markets saw a fall after Meta Platforms Inc. released poor results. Global markets offered a mixed picture. Fears about a possible slowdown in the US economy and the possibility of postponed interest rate cuts contributed to a small decrease in oil prices.

As the Bank of Japan started its two-day rate-setting meeting, the Japanese yen continued to weaken at 155 per dollar, making markets wary of possible intervention by Tokyo.

For the third day in a row, foreign portfolio investors (FPIs) sold shares worth Rs 2,511 crore, continuing their trend of being net sellers. DIIs, or domestic institutional investors, purchased shares valued at Rs 3,809 crore. Strong domestic equity markets helped to boost the rupee, which ended the day slightly higher at 83.30 against the US dollar, although the growing value of the US dollar countered it.

On Wednesday, a number of well-known businesses, including LTTS, Bajaj Finance, Nestle, Tech Mahindra, IndusInd Bank, and Nestle, will release their fourth-quarter profits, offering more information about how different industries performed.

Fabien
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