Today’s stock market: BVB Sensex falls by over 700 points; Nifty50 close to 24,800

Today’s stock market: BSE Sensex and Nifty50, India’s benchmark indices, fell in trade on Friday, trailing global indices. While the BSE Sensex was near 81,200 levels, Nifty50 it was close to 24,800. At 9:16 AM, the BSE Sensex was trading at 81,170.86, down 697 points or 0.85%. The Nifty50 was at 24,805.70, down 205 points or 0.82%.
“Nifty is now approaching the immediate hurdle at 25,100 and will need fresh triggers to break this level. While buoyancy in global markets, particularly in the US, is encouraging, the weak performance of banking companies is limiting the momentum. We continue to support a buy-on-dip strategy with an emphasis on 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 break decisively above this area. Short-term consolidation or a minor decline is possible, with immediate support at 24,750 levels, according to HDFC Securities’ Nagaraj Shetti.
Global markets showed 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 foreign exchange 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 on signs of disappointing growth in global demand for the fuel, which outweighed fears of supply disruptions in the Middle East. Brent crude futures gained 0.4 percent to $79.85 a barrel, while U.S. West Texas Intermediate crude futures rose 0.5 percent to $76.69.
Several stocks are in 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.