The Nifty 50 is close to 24,250 as the BSE Sensex rises.

Sensex Gains Propel Nifty 50 Near 24,250 Mark.

Written by: Supriya Kadu

Edited by: Omkar Devadkar

Last Updated: October 28, 2024

Summary: On Monday, the Indian equity indices, the BSE Sensex and the Nifty50, opened in green.

As of 9:18 a.m., the BSE Sensex was trading at 79,685.37, up 283 points (0.36%). At 24,240.15, the Nifty50 was up 59 points, or 0.25%.

Last week was difficult for the equity markets as a result of a rapid reaction from overseas investors and persistent geopolitical concerns that caused investor sentiment to become rather bleak.

The Head of Research, Vinod Nair from Geojit Financial Services, said, "We expect the consolidation to continue in the short term; a reversal in trend will depend on a slowdown in FIIs selling intensity and the outcome of the US presidential election. With the release of robust PMI data and the RBI's restating of its economic growth prediction for FY25, the domestic dynamics are mostly in the market's favor.

According to JM Financial & BlinkX technical analysts, the Nifty has support at 24,100 and 24,000 levels. Immediate resistance is likely at 24,450–500 levels, with the next major obstacle at 24,700–750 levels. The India VIX, a measure of market anxiety, increased 5% to close at 14.63 levels.

As investors awaited quarterly results from some of the largest Wall Street businesses in the upcoming week, the US Nasdaq closed higher on Friday, helped by advances in mega cap stocks. Following a 22% spike a day before, Tesla's stock increased 3.36% with the electric vehicle manufacturer's sales projection. Microsoft, Apple, and Amazon all saw increases.

The performance of Asian markets was uneven, with the yen dropping to its lowest level in almost three months following the failure of Japan's ruling coalition to win a majority in the country's parliamentary election over the weekend. After Israeli raids on Iran that avoided energy facilities, crude oil prices fell.

As Japan's ruling coalition lost its legislative majority on Monday, the yen fell to a three-month low, which investors saw as a sign that future rate hikes would probably be slowed. As US yields rise, the dollar is projected to strengthen month after month.

On Friday, domestic institutional investors (DIIs) purchased shares worth Rs 4,159 crore, while foreign institutional investors (FIIs) became net sellers, selling shares worth Rs 3,036 crore.

Stocks under F&O ban today: NMDC, RBL Bank, Manappuram, Aarti Industries, Escorts, Indiamart, LT Finance, IDFC First Bank, Bandhan Bank, and Dixon. 95% of the market-wide position limit has been exceeded by these securities.

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