Stock market today: BSE Sensex ends in green, up 112 points as market recovers;

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BSE Sensex ended the day at 72,776.13, up 112 points or 0.15%. Nifty50 closed the trading day at 22,104.05, up 49 points or 0.22%.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, commented on the confusion surrounding the reasons for the aggressive FPI selling in May, stating, “There is confusion regarding the reasons for the aggressive FPI selling in May.There are media reports attributing the FPI selling to possible setbacks to the NDA/BJP in the elections. It is important to understand that the FPI selling is due to a change in FPI stance from ‘sell China, buy India’ earlier to ‘sell India, buy China’ now.”
Deepak Jasani, Head of Retail Research at HDFC Securities, provided his outlook, saying, “The Nifty could stay in the 21777-22232 band for the near term.”
In the global markets, Chinese blue chips reached a seven-month high, while the MSCI’s broadest index of Asia-Pacific shares outside Japan remained flat after hitting a 15-month high last week. The Japanese Nikkei eased by 0.2%. S&P 500 futures and Nasdaq futures were relatively unchanged early on Monday, following a rally last week supported by strong company earnings.
Foreign investors were net sellers of Indian shares on Friday, offloading Rs 2,118 crore, while domestic institutional investors were net buyers, purchasing Rs 2,710 crore in stocks. FPIs have been sellers in 23 out of the last 28 sessions.
In the commodities market, oil prices continued to decline on Monday due to signs of weak fuel demand and comments from U.S. Federal Reserve officials that dampened hopes of interest rate cuts, which could potentially slow growth and reduce fuel demand in the world’s largest economy. Brent crude futures slipped by 26 cents, or 0.3%, to $82.53 a barrel, while U.S. West Texas Intermediate crude futures were down 23 cents, or 0.3%, at $78.03 a barrel.
The Indian rupee opened flat at 83.51 against the US dollar on Monday, while the dollar index, which tracks the movement of the greenback against a basket of six major world currencies, rose slightly by 0.02% to 105.31 level.





This article was originally published by a timesofindia.indiatimes.com

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