Stock Market Live Updates: Sensex, Nifty50 May See Muted Start as Crude Oil Prices Rise on Renewed US-Iran Tensions
Stock Market Live Updates: Sensex and Nifty may see a muted start on Friday. Analysts believe that if the index manages a decisive breakout and closes above the 24,400 mark, it could pave the way for further gains towards 24,600 and 24,800 in the weeks ahead. Crude oil prices rose again and US stock futures weakened in early Friday trading after fresh exchanges of fire between the United States and Iran cast uncertainty over the month-long ceasefire in the Middle East. The direction of the stock market will be decided by geopolitical events around the US-Iran war even as quarterly earnings data is likely to anchor the market. Track TOI's live coverage on the Nifty50, BSE Sensex, crude oil prices, earnings, top gainers, and losers.
08:02 (IST) May 08 | Nifty Today Live: Bajaj Broking Bank Nifty Outlook
Index formed a high wave candle with shadows in either direction signaling consolidation amid stock specific action. During current week it has generated a breakout above the upper band of the falling channel containing the last nine sessions corrective decline highlighting positive bias while holding above the breakout area of 55,000. Index is currently placed around the last week high of 56,475. A follow through strength above the same will open further upside towards 57,500 levels in the coming weeks. Failure to move above 56,475 will signal extension of the recent consolidation in the range of 55,000-56,475. Index has key support around 54,000-54,500 levels being the confluence of the recent low and 38.2% retracement of the last 3 weeks pullback (49,955-57,456).
08:02 (IST) May 08 | Stock Market Live Today: Sensex round-up of Thursday's session
Nifty50 and BSE Sensex finished lower on Thursday after a volatile trading session, with investor sentiment remaining subdued due to continued foreign capital outflows and growing geopolitical tensions. The 30-share BSE Sensex closed down by 114 points, or 0.15%, at 77,844.52 after witnessing sharp swings through the day. During intraday trade, the index touched a high of 78,384.70 and slipped to a low of 77,713.21, moving within a broad range of 671.49 points. The NSE Nifty50 also ended marginally weaker, falling 4.30 points or 0.02% to settle at 24,326.65. Among Sensex constituents, major losers included Hindustan Unilever, Tata Consultancy Services, Tech Mahindra, Titan, Sun Pharma and ITC. On the gaining side, Mahindra & Mahindra, NTPC, Kotak Mahindra Bank and Tata Steel emerged as key outperformers. Broader markets, however, remained firm. The BSE MidCap Select index advanced 1.40%, while the SmallCap Select index gained 1.09%.
08:01 (IST) May 08 | Stock Market Live Today: Oil prices rise over 1%
Oil prices climbed more than 1% on Friday after fresh clashes erupted between the United States and Iran, raising concerns over the fragile ceasefire and weakening expectations of any near-term breakthrough on reopening the Strait of Hormuz, a crucial route for global oil and gas shipments. As of 0123 GMT, Brent crude futures had advanced $1.41, or 1.41%, to $101.47 per barrel. Meanwhile, US benchmark West Texas Intermediate (WTI) crude gained $1.12, or 1.18%, to trade at $95.93 a barrel. Prices had initially surged more than 3% at the start of trading. The rebound interrupted a three-session losing streak that had followed reports earlier this week suggesting Washington and Tehran were nearing an agreement that could end hostilities and fully restore movement through the Strait of Hormuz, while postponing broader disagreements linked to Iran's nuclear programme. Despite Friday's gains, both crude benchmarks remain on track to register weekly declines of around 6%.
07:59 (IST) May 08 | Sensex Today Live: Sensex outlook
From a technical standpoint, the index continues to consolidate after the recent recovery rally, reflecting indecisiveness near higher levels. Immediate support is placed in the 77,250–77,350 zone, which is expected to act as a near-term demand area. On the upside, resistance is seen around 78,350–78,500, where the market may continue to witness profit booking and supply pressure. The near-term outlook remains sideways with a cautious undertone, as geopolitical concerns and mixed global sentiment continue to keep traders selective. Although buying support is visible on dips, the index requires a decisive breakout above resistance levels for fresh bullish momentum. Until then, markets are likely to remain volatile and range-bound in the short term, says Hitesh Tailor, Technical Research Analyst at Choice Equity Broking Private Limited.
07:56 (IST) May 08 | Nifty Today Live: Bajaj Broking Nifty Outlook
Index formed a small bearish candlestick pattern with shadows in either direction signaling consolidation amid stock specific action. Nifty started the session on a positive note but failed to sustain above 24,400 and closed on a flat note. Nifty is currently placed around the upper band of the last 10 sessions trading range 23,800-24,400. Going ahead, a breakout and a close above 24,400 will open further upside towards 24,600 and 24,800 levels in the coming weeks. Stock specific action will continue to remain in focus as we progress through the quarterly earning session. Failure to move above 24,400 will signal extension of the last 10 sessions consolidation in the range of 24,400-23,800. Short-term support is placed at 23,800 levels, being the almost identical low of the last two weeks.
Stock Market Live Updates: Foreign institutional investors were net buyers of equities worth Rs 341 crore on Thursday. Domestic institutional investors also remained buyers, purchasing shares worth Rs 441 crore. Asian equities slipped from record highs while crude oil prices moved up as fresh tensions in the Middle East reignited worries over energy supplies, putting the recent market rally under pressure. Wall Street ended lower on Thursday as chip stocks, including Intel, retreated following a recent rally. Broader sentiment also remained cautious due to uncertainty surrounding the US-Iran peace negotiations. The US dollar traded firm against most major currencies in Asian trade on Friday following renewed conflict between Washington and Tehran.
Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India.
