Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, rallied strongly in opening trade on Monday. While BSE Sensex climbed over 1,100 points, Nifty50 was above 24,250. At 9:17 AM, BSE Sensex was trading at 80,272.34, up 1,155 points or 1.46%. Nifty50 was at 24,269.00, up 362 points or 1.51%.
Stock markets showed a strong recovery on Friday as the Sensex surged 2.54%, crossing the 79,000 mark, supported by widespread buying across sectors and value investments at reduced prices.
Market participants this week will initially respond to Maharashtra and Jharkhand election results. Key economic indicators, including GDP and infrastructure data, will be crucial focal points. Foreign institutional investor (FII) activity will continue to be important due to their continued selling pattern. With the Parliament's Winter Session starting today, Adani group stocks will also be in focus over Gautam Adani's US indictment.
"On the upside we expect the Nifty to retrace towards 24400 with the potential to extend towards 24,730. On the downside, 23,630 – 23,560 shall act as a crucial support zone and only a dip below these levels shall make the structure weak," said Jatin Gedia of Sharekhan.
The major US stock indices finished higher on Friday, with all three benchmarks recording weekly gains, as economic indicators suggested strong activity in the American economy.
Both stocks and government bonds rose, as investors reacted positively to Donald Trump's nomination of Scott Bessent as Treasury Secretary, viewing it as a stabilising choice for the US economy and financial markets.
Crude oil prices remained close to their highest levels in two weeks on Monday after rising 6% the previous week, amid escalating tensions between Western nations and key oil producers Russia and Iran, which could potentially disrupt supply.
Foreign portfolio investors emerged as net sellers with Rs 1,278 crore on Friday, while domestic institutional investors purchased shares valued at Rs 1722 crore.
The FIIs' net short position decreased from Rs 2.01 lakh crore on Thursday to Rs 1.54 lakh crore on Friday.