Stock market today: Weak global cues are expected to contribute to a poor start to Friday's trading session for the domestic benchmark indices, the Sensex and Nifty 50.
The tendencies of Gift Nifty indicate that the Indian benchmark indices are off to a slow start. At 22,966.00, the Gift Nifty was trading at a discount of approximately 42 points from the Nifty futures close at 23,008.00 the previous day.
For the local equity indices, the Nifty 50 reached a new high on Thursday when it closed above 22,900.
The Sensex increased 1,196.98 points, or 1.61%, to settle at 22,967.65, while the Nifty 50 closed 369.85 points, or 1.64%, higher at 75,418.04.
According to Vinod Nair, Head of Research at Geojit Financial Services, the headline index increased at an unprecedented rate, with notable sectors such as banking and automobiles excelling.
The record payout by the RBI should lead to a decline in bond rates, akin to an indirect rate cut. The composite HSBC PMI figures for May showed a strong gain,
which contributed to the general market's ongoing optimism. The local market, which has lagged behind other emerging markets over the past two months, has benefited from the early arrival of the southwest monsoon.
Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty 50 broke above its daily consolidation, signaling a substantial confidence boost.
A deliberate move brought the index 7 points closer to 23,000. The trend appeared strong after a large green candle on the daily chart.
If it stays over 23,000, the index may reach 23,500 soon. The bottom support is 22,800; strength can be maintained over 22,800.