Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, opened in green on Tuesday. While BSE Sensex crossed the 80,300 mark, Nifty50 was just shy of 24,300. At 9:17 AM, BSE Sensex was trading at 80,338.29, up 228 points or 0.29%. Nifty50 was at 24,299.60, up 78 points or 0.32%.
In recent trading sessions, Nifty has demonstrated strong recovery with analysts noting its test of the 100-day EMA near 24,350.A conclusive breakthrough above this threshold could lead to further advances towards the 24,550-24,750 range.
“On the downside, the 23,850-24,000 range is expected to provide strong support in case of any pullback. Traders and investors are advised to focus on sectors showing relative strength, such as IT and Banking, while remaining selective in others,” said Ajit Mishra – SVP, Research, Religare Broking.
Technical analysis suggests immediate resistance at 24,350, with crucial resistance between 24,500-550. The index is expected to fluctuate within 24,000-24,500 in the short term, according to Tejas Shah of JM Financial & BlinkX.
US indices finished higher, with the Russell 2000 reaching record levels following Scott Bessent’s Treasury secretary nomination. The Dow rose 0.99%, S&P 500 gained 0.3%, and Nasdaq advanced 0.27%.
Asian markets showed mixed performance, with S&P 500 futures declining 0.3%, whilst Hang Seng futures increased 0.6%. The Japanese Topix fell 0.8%, and Australia’s S&P/ASX 200 decreased 0.4%.
Foreign portfolio investors offloaded shares valued at Rs 9,947 crore on Monday, whilst domestic institutional investors acquired equities worth Rs 6,908 crore.
The foreign institutional investors’ net short position decreased to Rs 1.08 lakh crore on Monday from Rs 1.54 lakh crore on Friday.