Stock Market Today: The stock market opened with a positive trend today amid mixed global cues. Frontline index Nifty-50 is up 100 points above the level of 17,900 and S&P BSE Sensex is trading above the level of 60,000, up by 350 points. . IndusInd Bank, ICICI Bank, SBI, HUL, Tata Steel were the top contributors to the benchmark index. All sectors opened in green with gains in Nifty Bank and Nifty Metal indices.
According to experts, strong buying in banking and IT stocks led to a good rally in the index yesterday. The PSU Bank index was the top gainer. Now further buying will enable the indices to break out of this range and may take the indices towards the crucial level of 18,000. On the technical front, the key resistance level for Nifty is 17,850, followed by 17,900 and on the downside 17,700 followed by 17,650 may act as strong support.
Wall Street’s main indices were led by gains on Thursday, mainly led by financial institutions and healthcare companies. Indices traded higher on concerns over the Federal Reserve’s next steps to contain rising inflation.
The Dow Jones Industrial Average rose 193.24 points, or 0.61 percent, to 31,774.52, the S&P 500 rose 26.31 points, or 0.66 percent, to 4,006.18, and the Nasdaq Composite rose 70.23 points, or 0.6 percent, to 11,862.13.
Markets in Asia-Pacific remained mostly higher. In Japan, the Nikkei 225 rose 0.61 per cent and Topix 0.35 per cent. In South Korea, the Kospi was up 0.33 percent and the Kodak 1.25 percent. The S&P ASX 200 in Australia also rose 0.25 percent.