Market analysts believe that the uptrend is likely to persist, backed by strong domestic macroeconomic factors. (AI image)

Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in green on Friday. While BSE Sensex rose 100 points, Nifty50 opened in green as well. At 9:21 AM, BSE Sensex was trading at 76,834.46, up 24 points or 0.031%. Nifty50 was at 23,397.60, down 1 point or 0.0056%.
The Indian and US markets reached new heights on Thursday, supported by lower inflation data in both countries.The India Vix, a measure of market fear, dropped to a 6-week low below 14. Market analysts believe that the uptrend is likely to persist, backed by strong domestic macroeconomic factors, favorable monsoon predictions, and robust earnings expectations.
“The market has been consolidating over the last few days with a positive bias and is slowly and gradually inching up. The uptrend is likely to continue supported by robust domestic macros, healthy monsoon prediction and strong earnings expectation,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal to ET.
The short-term trend of the Nifty remains range-bound with a positive bias. However, previous sideways movements at higher tops have often led to downward corrections in the market. The Nifty continues to face resistance around the 23400-23500 levels, with immediate support at 23280 levels, according to Nagaraj Shetti of HDFC Securities.
In the US, the S&P 500 and Nasdaq reached record closing highs for the fourth consecutive day, driven by the ongoing surge in technology stocks. Despite a relatively weak US producer price inflation report for May, the dollar strengthened following the Federal Reserve’s more hawkish stance.
Oil prices experienced a decline on Friday but remained on track for their first weekly increase in four weeks, as investors weighed the impact of sustained higher US interest rates against optimistic projections for crude and fuel demand in the current year.
Foreign portfolio investors were net sellers at Rs 3,033 crore on Thursday, while domestic institutional investors sold worth Rs 553 crore.
The net short position of FIIs reduced from Rs 80,000 crore on Wednesday to Rs 34,840 crore on Thursday.

Disclaimer: This report is auto-generated from other news portal services. Realtimeindia holds no responsibility for its content.