Stock market today: BSE Sensex surges 600 points to above 74,400; Nifty crosses 22,550

Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, surged in afternoon trade on Thursday after lacklustre trading in the first half. While BSE Sensex surged over 600 points, Nifty50 moved above 22,550. At 2:17 PM, BSE Sensex was trading at 74,415.20, up 562 points or 0.76%. Nifty50 was at 22,575.25, up 173 points or 0.77%.
The Indian stock markets extended their winning streak for the fourth consecutive session on Wednesday, supported by positive global sentiment.
According to V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, the market continues to exhibit a bullish trend, unaffected by negative factors such as increasing bond yields in the United States, where the 10-year yield remains above 4.6%, and geopolitical tensions.
Reports of Israel attacking Hezbollah-linked sites are unlikely to impact the market sentiment unless they lead to significant escalation in tensions. "The regulatory restrictions on Kotak Bank will weigh on the stock. Since the VIX is at low levels, the market will not witness any serious corrections. In the near-term, consolidation is likely," Vijayakumar was quoted as saying by ET.
According to Deven Mehata, Research Analyst at Choice Broking, the Nifty index has support levels at 22,300, 22,250, and 22,200. On the upside, immediate resistance levels are expected at 22,450, followed by 22,500 and 22,600.
Global markets presented a mixed picture, with the S&P 500 closing higher in choppy trading, while Asian equity markets experienced a decline following disappointing results from Meta Platforms Inc. Oil prices eased slightly due to concerns about a potential slowdown in the U.S. economy and the prospect of delayed interest rate cuts.
The Japanese yen remained on the weaker side of 155 per dollar as the Bank of Japan began its two-day rate-setting meeting, leaving traders cautious about potential intervention by Tokyo.
Foreign portfolio investors (FPIs) continued to be net sellers for the third consecutive day, offloading shares worth Rs 2,511 crore on Wednesday. Domestic institutional investors (DIIs), on the other hand, bought shares worth Rs 3,809 crore. The rupee settled marginally higher at 83.30 against the US dollar, supported by positive domestic equities but offset by a rising American currency.
Several prominent companies, including Bajaj Finance, Nestle, Tech Mahindra, IndusInd Bank, and LTTS, are set to announce their fourth-quarter earnings on Wednesday, providing further insights into the performance of various sectors.