Stock market today: Nifty50 rises above 24,600; BSE Sensex up over 500 points on global market cues – The Times of India
Stock market today: Nifty50 and BSE Sensex staged a comeback on Thursday after deep cuts in its last two trading sessions. While Nifty50 rose above 24,600, BSE Sensex was up over 500 points. At 9:17 AM, Nifty50 was trading at 24,642.30, up 162 points or 0.66%. BSE Sensex was at 79,636.89, up 521 points or 0.66%.Market analysts say that the near-term outlook remains weak but note that the market appears oversold at current levels.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “From the market perspective, the problem with an ongoing war is that sudden developments like attacks on oil facilities, can impact the market. If crude spikes, the market will be impacted. On the other hand, couple of days of smooth oil trade can trigger a risk- on facilitating a market rebound.It is important to note that India outperformed yesterday with only a 1.5% cut in the Nifty compared to the 12.1% crash in South Korean Kospi. Markets which did well this year like the South Korean market are facing huge volatility triggered by profit booking. Going forward, high volatility in response to news/events will keep the market volatile. This will give opportunities to investors to slowly accumulate high quality stocks and wait with lots of patience. Perhaps emotional intelligence is more important now than financial acumen.” US equities ended higher on Wednesday following a media report that Iran had indicated a willingness to engage in talks. Investor sentiment was also supported after President Donald Trump pledged to stabilise oil markets, easing concerns surrounding the Middle East conflict.Asian markets also recovered, mirroring the gains on Wall Street. However, uncertainty related to the Iran war continued to weigh on the broader outlook. Meanwhile, gold prices advanced on Thursday as the expanding Middle East conflict prompted investors to seek refuge in safe-haven assets. A softer US dollar also helped support bullion prices.Crude oil prices rose by more than 1 percent in early Asian trading on Thursday, driven by persistent concerns over potential supply disruptions stemming from the Middle East tensions.Foreign portfolio investors remained net sellers in the Indian market on Wednesday, offloading shares worth Rs 8,752 crore. Domestic institutional investors, however, provided support to the market and were net buyers to the tune of Rs 12,068 crore.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)