Indian Equity Benchmark Indices BSE Sensex and Nifty50 Rise in Opening Trade on Friday

The Indian stock market opened on a positive note today, with both the BSE Sensex and Nifty50 showing gains in early trade. The BSE Sensex opened above 80,000, while the Nifty50 was above 24,350. At 9:20 AM, the BSE Sensex was trading at 79,982.54, up 85 points or 0.11%, and the Nifty50 was at 24,350.65, up 35 points or 0.14%.

According to Siddhartha Khemka, Head of Retail Research at Motilal Oswal, the market is showing overall strength as every dip is being bought, supported by strong domestic flows and FIIs buying in the last few days. Nagaraj Shetti of HDFC Securities believes that the underlying trend of Nifty remains choppy with a positive bias, and a sustainable move above 24,500 levels could open up the next upside targets of 24,900 levels in the near term.

Global markets showed mixed trends, with S&P 500 futures remaining little changed, Hang Seng futures rising 0.7%, Japan’s Topix falling 0.8%, Australia’s S&P/ASX 200 rising 0.7%, and Euro Stoxx 50 futures rising 0.4%. In the forex market, the euro, Japanese yen, and offshore yuan were little changed against the US dollar.

Oil prices increased early in Asian trading on Friday, with Brent crude futures climbing 37 cents to $85.77 per barrel and U.S. West Texas Intermediate crude futures rising 50 cents to $83.12 per barrel. The rise in oil prices was attributed to strong summer demand and reduced inflationary pressures in the United States.

Currently, ten stocks are in the F&O ban period, including India Cements, IEX, ABFRL, Bandhan Bank, PEL, GNFC, Chambal Fertilisers, Indus Tower, Balrampur Chini Mills, and RBL Bank. Foreign portfolio investors turned net sellers, offloading shares worth Rs 1,137 crore, while domestic institutional investors bought shares worth Rs 1,676 crore.

Overall, the Indian stock market is showing positive momentum in early trade, with investors keeping a close watch on both domestic and global factors influencing market movements.