Domestic Markets Open on a Positive Note
Today, the domestic stock markets opened on a positive note, displaying resilience in the face of mixed global cues. The key indices, namely the S&P BSE Sensex and Nifty50, showed promising gains in early trading.
|S&P BSE Sensex||+100 points||Around 64,945|
|Nifty50||+Marginally above||19,300 levels|
While the Sensex surged by over 100 points, it was trading around the 64,945 mark, indicating the market’s strength. The Nifty50 also made gains, albeit marginal, and crossed the 19,300 level.
Broader Markets Show Positive Momentum
Beyond the major indices, the broader markets also exhibited a positive trend. The Nifty Midcap 100 and Nifty Smallcap 100 indices saw an uptick of up to 0.3 percent. This suggests that the optimism in the market was not limited to large-cap stocks but extended to mid-cap and small-cap stocks as well.
India VIX, the volatility gauge, slipped by 1 percent, reflecting a calmer market sentiment today.
The performance of different sectors in the market was mixed today. While some sectors witnessed substantial gains, others were in the red.
|Nifty Financial Services||Red|
The Nifty Media and Nifty Metal sectors were among the top gainers, with both showing a 1 percent increase in their values. However, the Nifty Financial Services and Nifty Pharma indices were in the red, facing some negative pressure.
Global Market Cues
Amidst the domestic market’s positive opening, global markets also played a crucial role in influencing investor sentiment.
Asian shares edged higher on Friday, partly due to China’s efforts to support its housing sector and stabilize the yuan. However, investors remained cautious as they awaited critical US jobs data that could significantly impact the case for further interest rate hikes.
The dollar, on the other hand, was set to end a six-week winning streak against major peers as it headed into the pivotal monthly US jobs report. The outcome of this report is likely to provide insights into the Federal Reserve’s policy direction in the coming months.
The interplay between domestic and global factors will continue to shape the market’s trajectory throughout the day.