Today’s stock market: Nifty50 surpasses 22,600, while the BSE Sensex gains 100 points

Stock market today: Dalal Street continued to have a successful day on Friday as the key Indian stock indexes, the BSE Sensex and Nifty50, began higher. Nifty50 was over 22,600, while the BSE Sensex started up 100 points. The BSE Sensex was up 93 points, or 0.13%, at 74,432.51 at 9:18 AM. The Nifty50 was up 30 points, or 0.13%, at 22,600.30.

Driven by an optimistic attitude throughout the world, the Indian stock market continued to rise on Thursday for the fifth day in a row.

On the monthly F&O expiration day, local investors continued to be positive despite a dip in other Asian and European markets and a severe loss in US Dow Futures. Frontline banking and metal stock advances drove the main indexes higher.
“On the monthly F&O expiration day, investors increased their optimistic wagers, causing benchmark indexes to rise for the fifth consecutive session, driven by gains in the metal and frontline banking sectors. Local investors were unaffected even by the steep declines in other Asian and European indexes and the US Dow Futures, according to Prashanth Tapse, Senior Vice President (Research) at Mehta Equities, who was cited by ET.
Notwithstanding the withdrawal of foreign institutional investors (FIIs), a sizable number of local investors have been drawn to the equities market by India’s strong development prospects and the expectation that the governing party would win a majority of the seats in the next elections.

Neeraj Sharma, AVP Technical and Derivatives Research at Asit C Mehta Investment Intermediates, says the Nifty is expected to continue its upward trend and may try to surpass its all-time high of 22,776, with short-term support levels at 22,500 and 22,300 and resistance around 22,780 and 23,000.
Global markets saw Wall Street equities end lower on Thursday as data revealed persistent inflation and slower-than-expected U.S. economic growth coincided with a sell-off in large-cap companies sparked by Meta Platforms’ poor results. There were losses on the Nasdaq, S&P, and Dow. Conversely, oil prices increased during Friday’s early trading session as investors took into account remarks made by the U.S. Treasury secretary on the nation’s economic resilience and continuous supply issues stemming from the Middle East war.
Ahead of a Bank of Japan meeting where low interest rates are anticipated, the Japanese yen held close to a 34-year low vs. the dollar and decade-long lows against other currencies. Amidst a downturn in most of its Asian counterparts and interbank dollar sales, the Indian rupee finished Thursday almost unaltered as the domestic currency managed to maintain its strength above a crucial support level.
There are 41 firms scheduled to release their fourth quarter profits on Friday, including HCL Technologies, Bajaj Finserv, Maruti Suzuki, SBI Life Insurance Company, and SBI Cards and Payment Services.