Stock market today: Indian Equity Benchmark Index, BSE Sensex And the Nifty50, opened in the green on Tuesday. While the BSE Sensex crossed the 80,300 mark, Nifty50 was just shy of 24,300. At 9:17 am, the BSE Sensex was trading up 228 points or 0.29 percent at 80,338.29. The Nifty 50 was up 78 points or 0.32 percent at 24,299.60.
In recent trading sessions, the Nifty has shown a strong recovery with analysts noting a test of the 100-day EMA around 24,350. A final move above this range could lead to a further advance towards the 24,550-24,750 range.
“On the downside, the 23,850-24,000 range is expected to provide firm support in case of any pullback. Traders and investors are advised to focus on sectors showing relative strength, such as IT and banking, while being selective in others,” said Ajith. Mishra – SVP, Research, Religare Broking.
Technical analysis suggests immediate resistance at 24,350, with key resistance between 24,500-550. According to Tejas Shah of JM Financial & BlinkX, the index is expected to fluctuate between 24,000-24,500 in the short term.
U.S. indexes were higher, with the Russell 2000 hitting record highs following the nomination of Scott Besant to be Treasury secretary. The Dow rose 0.99%, the S&P 500 gained 0.3%, and the Nasdaq gained 0.27%.
Asian markets were mixed, with S&P 500 futures down 0.3 percent, while Hang Seng futures rose 0.6 percent. Japan’s Topix fell 0.8%, and Australia’s S&P/ASX 200 shed 0.4%.
Foreign portfolio investors offloaded shares worth Rs 9,947 crore on Monday, while domestic institutional investors fetched equity worth Rs 6,908 crore.
The net short position of foreign institutional investors decreased to Rs 1.08 lakh crore on Monday from Rs 1.54 lakh crore on Friday.