Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, surged in trade on Monday. BSE Sensex closed the day at 73,648.62, up 560 points or 0.77%. Nifty50 ended the day at 22,336.40, up 189 points or 0.86%.
Voltas surged 6% and Zomato was up 2%. There was notable buying activity in private banks and infrastructure stocks. Attention is now focused on the upcoming earnings report of RIL, expected to be released after market hours today.
This week is expected to be important for financial markets as concerns about a potential Iran-Israel conflict persist. Market analysts warn that if tensions escalate significantly, there is a risk of panic selling and heightened volatility in global stock markets.
“Nifty managed to hold 100-DMA and make a smart recovery from the lower levels at 21777. 22300 will be the first hurdle, while 22525 will be the next hurdle. If Nifty slips below 22000, then 100-DMA around 21700 will be the next support level,” ET quoted Pravesh Gour, Senior Technical Analyst at Swastika Investmart as saying.
“Overall we expect volatility to continue in the market in the absence of any major positive trigger, while focus will continue on stock-specific action amid the earning season,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
“Technically, the set-up is mildly negative at this point with Nifty below the crucial resistance zone of 22,300-350. A crossover beyond this area is required for the bulls to be back in the game,” said Tejas Shah, JM Financial and BlinkX.
The Nasdaq and the S&P 500 ended in negative territory, pressured by Netflix shares, while American Express supported the Dow with its quarterly earnings report. Prevailing pessimism about the Federal Reserve’s reluctance to lower interest rates soon also contributed to subdued market sentiment.
Asian stocks opened higher as attention shifted to numerous company earnings and economic data this week for insights into central bank policy direction.
Oil prices declined at the open in Asia on Monday, weighed down by a renewed focus on market fundamentals, as Israel and Iran downplayed the risks of escalating hostilities in the Middle East following Israel’s apparently small strike on Iran.
The euro and yen were relatively stable in early Asian trading on Monday, while the U.S. dollar remained near its highs after last week’s hectic policy and geopolitical developments.
Foreign portfolio investors turned marginal net buyers at Rs 129 crore on Friday. DIIs, meanwhile, sold shares worth Rs 22 crore.
RIL, Hatsun Agro Products, Tejas Networks, and others will announce their fourth quarter earnings on Monday.
