Indian Stock Market Update: Bull Run Continues

The Indian equity market showed strength on Friday as the benchmark indices, BSE Sensex and Nifty50, extended their bull run. The BSE Sensex opened over 200 points higher, while the Nifty50 was trading above 24,100. At 9:17 AM, BSE Sensex was at 79,442.26, up by 199 points or 0.25%. Nifty50 stood at 24,104.15, up by 60 points or 0.25%.

This week has been exceptional for the Nifty index, breaking the 24,000 mark for the first time on Thursday with strong participation from index heavyweights. Analysts like Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, anticipate the index to target the 24,500 level, with the 23,500 zone acting as a key support level.

Nagaraj Shetti, from HDFC Securities, believes that the underlying trend of the Nifty remains positive. A sustained move above the 24,000-24,100 levels could propel the index towards the 24,380-24,400 range in the short term, with immediate support at 23,800.

Meanwhile, US stocks closed mostly flat on Thursday as investors awaited fresh inflation data. Asian equities followed the upward trend in US stocks and Treasuries, with S&P 500 futures rising by 0.2%, Japan’s Topix gaining 0.6%, and Australia’s S&P/ASX 200 remaining stable. However, Hang Seng futures and Euro Stoxx 50 futures saw slight declines.

In the commodities market, oil prices saw an increase in early Asian trading hours on Friday, marking a third consecutive weekly gain. The dollar also showed strength, heading for a second straight quarterly gain and reaching a nearly four-decade high against the yen in Asia. The Indian rupee appreciated by 12 paise against the US dollar, supported by positive equity market trends and foreign capital inflows.

Overall, the market seems to be on an upward trajectory, with various factors playing a role in shaping the direction of key indices. Investors will be closely watching the developments in the coming days to capitalize on potential opportunities in the market.