Indian equity benchmarks ESE Sensex and Nifty50 opened on a positive note this Monday. At the start of trading, the Sensex was at 80,664.61, up 228 points or 0.28%, while the Nifty50 stood at 24,628.20, rising 87 points or 0.35%.
This week, market attention will be on the release of the US Federal Reserve meeting minutes, which could lead to consolidation influenced by global factors. HDFC Securities’ Nagaraj Shetti notes that the Nifty50 is nearing resistance from an August 5th gap, with expectations to test the 24,700 level. Immediate support is seen at 24,350, with potential upside targets at 24,700 and 25,000.
Globally, S&P 500 futures increased by 0.2%, Hang Seng futures rose 0.9%, while Nikkei 225 futures and Japan’s Topix were stable. The Australian S&P/ASX 200 was also steady, and Euro Stoxx 50 futures gained 0.2%. In the forex market, the euro held at $1.1026, the Japanese yen fell 0.2% to 147.93 per dollar, the offshore yuan stayed at 7.1634 per dollar, and the Australian dollar rose 0.2% to $0.6684.
Oil prices saw a minor dip due to concerns about weaker demand in China and ongoing ceasefire talks in the Middle East. Brent crude futures fell 13 cents, or 0.2%, to $79.55 per barrel, while U.S. West Texas Intermediate futures decreased 13 cents, or 0.2%, to $76.52 per barrel.
Several stocks are under the F&O ban today, including India Cements, Chambal Fertilisers, GNFC, Indiamart, and others, as they have crossed 95% of the market-wide position limit.
Foreign portfolio investors (FPIs) were net buyers on Friday, purchasing shares worth Rs 766 crore, while domestic institutional investors (DIIs) bought shares worth Rs 2,606 crore. The net short position of FPIs shifted from Rs 30,547 crore on Wednesday to a net long position of Rs 44,259 crore by Friday.
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