Stock Market Today: On the back of upbeat global indications, domestic indices may open in the green today. In today’s early morning session, the Singapore Exchange’s (SGX) Nifty futures were trading 43 points, or 0.23%, higher at 18,446.5. The majority of Asian markets were trading in green; China’s Shanghai Composite index dipped 0.33%, while South Korea’s KOSPI, Japan’s Nikkei 225, and Hong Kong’s Hang Seng all saw gains.
The US market finished the overnight session modestly up; the tech-heavy Nasdaq advanced 0.66%, the S&P 500 gained 0.30%, and the Dow Jones Industrial Average (DJIA) increased by 0.14%. The BSE Sensex increased by 317 points or 0.51% on Monday to 62,345.71, and the NSE Nifty 50 increased by 84.05 points or 0.46% to 18,398.85. Bank Nifty increased 278.55 points or 1.5% in sectoral indexes.
Tuesday’s stronger SGX Nifty trading suggested that Indian shares will open with a gap-up
The SGX Nifty was trading at 18,443.0 at the time of writing, up 39.5 points or 0.21%. The benchmark started the day at 18,454.5 and fluctuated between 18,481.5 and 18,382.0 for the high and low, respectively.
Stock Market Today, according to Stoxbox’s lead technical analyst :
According to Stoxbox’s lead technical analyst, Rohan Shah, “The markets are likely to open in green; SGX Nifty trading higher by 49 points compared to previous closing.”
Asian stocks
Supported by Japanese and technology equities, Asian markets largely gained traction on Tuesday.
The Nikkei 225 in Japan increased by more than 210 points, and the Topix index increased by 0.5% at the opening bell. The KOSPI index for South Korea also increased by 0.5%. Australia’s ASX 200 index, however, was down, though at a slower rate.
The increase in Japanese stocks follows Goldman Sachs’ upbeat assessment of the country. Earlier today, the Topix benchmark reached a new 52-week high of 2,126.14 and is on track to close at its highest level since August 1990.
Despite contradicting global indications, all of these factors supported a bullish market
Markets rejoiced at the assumption that the RBI will cease the cycle of rate increases after India’s CPI inflation dropped to an 18-month low of 4.7% in April and remained below RBI’s comfort level. Even WPI inflation fell for the eleventh consecutive month in April, dropping to -0.92%. In spite of conflicting global cues, all of these variables helped the market to be positive. With a “Buy on dips” approach, we continue to have a bullish outlook overall, according to Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.
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