Selling by domestic institutions is emerging as a countervailing force putting brakes on the rally -- this explains the resistance which Nifty is facing at 19,500, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Another important trend, hugely significant from the market perspective, is the steady decline in the dollar.
Dollar index is now below 100, which is the lowest level since April 21, 2022. This declining dollar is favourable for emerging markets and India being the most-favoured emerging market, the FPI flows are likely to sustain, he added.
India VIX has dipped below 11 indicating that there is no fear in the market despite record high index levels.
Following the smaller-than-expected trend in consumer price index, the US producer price index also showed a smaller-than-expected trend yesterday with a marginal increase of only 0.1 per cent YoY. This declining trend in inflation in the mother market of the US and the resilience of the US economy are the two pillars of support for global equity markets, he added.
BSE Sensex is up 152 points in morning trade on Friday at 65,711 points led by IT heavyweights.
Tech Mahindra, Infosys, HCL Tech are each up by more than 2 per cent.
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Reliance Consumer Products partners with Assam’s established business house, Jericho, to set up a cutting-edge bottling facility
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Adani Portfolio clocks highest ever TTM EBITDA of Rs 86,789 crore, core infra biz surges
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India doing well on protecting small investors, corporate governance improved significantly: NSE CEO
India is doing well in protecting small investors while corporate governance has improved significantly amid rapid technological changes, National Stock Exchange (NSE) MD and CEO, Ashishkumar Chauhan, said on Tuesday.
Tesla ramps up hiring in India after Elon Musk-PM Modi meet in US
After the successful visit of Prime Minister Narendra Modi to the US, Elon Musk-run Tesla has ramped up hiring in India, a market where it is slated to enter anytime soon.
Indian stock market opens lower, Nifty below 22,850
The Indian benchmark indices opened lower on Monday amid mixed global cues as selling was seen in auto, IT and PSU bank sectors in the early trade, as the upcoming reciprocal trade tariffs announced by the US government stayed on top of the investors’ mind.
Overall industry sentiment after PM Modi's US visit is of confidence and enthusiasm: CII
The overall sentiment following Prime Minister Narendra Modi's US visit is of confidence and enthusiasm – a belief that a new era of India - US collaboration is underway, which will drive growth, innovation, and prosperity in the years ahead, the Confederation of Indian Industry (CII) said on Saturday.