Stock market today: Nifty50 opens above 24,800; BSE Sensex crosses 81,000 mark – The Times of India

Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, opened in green on Friday as the market continued to react positively to GST rate cute announcements. While Nifty50 was above 24,800, BSE Sensex was up almost 300 points. At 9:19 AM, Nifty50 was trading at 24,826.05, up 92 points or 0.37%. BSE Sensex was at 81,007.03, up 289 points or 0.36%.“While headwinds persist from continued FII outflows and uncertainty around the US trade deal, the recent GST reforms are expected to boost consumer demand, support corporate earnings, and lift sentiment, providing a strong tailwind ahead of the festive season. We expect the market to gradually move higher,” said Siddhartha Khemka – Head of Research, Wealth Management, Motilal Oswal.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “The initial enthusiasm witnessed in the market yesterday couldn’t be sustained. The expected short-covering did not happen, bringing the prices down towards the close. Also, the market had partly discounted the GST reforms earlier. The high valuations even amidst geopolitical and tariff-related headwinds helped bears to accumulate short positions in the market.” “The sustained massive buying by mutual funds in equity has touched Rs 70500 crores in August. With high money muscle facilitated by the sustaining fund flows into the market mutual bund buying will support the market during declines. A significant feature of the present market trend is the weakness in overvalued mid and smallcaps and relative strength in the fairly valued largecaps. This is a healthy trend which can be expected to continue.“The S&P 500 achieved a record close on Thursday as employment data aligned with expectations for Fed rate cuts, ahead of Friday’s crucial US employment report.Asian equities advanced early Friday, following Wall Street’s rally in stocks and bonds, as additional evidence of labour market cooling strengthened expectations for Fed rate cuts this month.Crude oil prices experienced a decline during early trading on Friday, marking the third consecutive day of decrease as market participants waited for the upcoming OPEC+ meeting this weekend to discuss potential production increases.Foreign portfolio investors disposed of shares valued at Rs 106 crore on Thursday, whilst domestic institutional investors acquired shares worth Rs 2,233 crore.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)