Welcome to the latest update on the stock market today! The BSE Sensex and Nifty50, the Indian equity benchmark indices, kicked off the day in the red on Wednesday. With BSE Sensex hovering above 80,700 and Nifty50 above 24,650, the market opened cautiously. As of 9:25 AM, BSE Sensex was trading at 80,723.22, down by 80 points or 0.099%, while Nifty50 was at 24,686.85, down by 12 points or 0.049%.
On a positive note, Tuesday saw the equity markets continuing their upward trajectory, closing with gains. Analysts observed that after consolidating at higher levels in recent days, the Nifty witnessed a recovery, driven by a rebound in global markets. This positive momentum is expected to persist in the near future.
Nagaraj Shetti of HDFC Securities mentioned, “The underlying trend of Nifty remains positive. A sustainable move above the hurdle of 24,700 levels could open the next upside target of 25,000-25,100 in the near term. Immediate support is at 24,500 levels.”
Shifting our focus to oil prices, they dipped on Wednesday due to reports indicating rising U.S. crude inventories and anticipations of eased tensions in the Middle East following a visit by mediators. Brent crude futures fell by 9 cents to $77.11 per barrel, while U.S. West Texas Intermediate crude lost 10 cents at $73.07 per barrel.
Stocks in the F&O ban today include India Cements, Balrampur Chini Mills, GNFC, Nalco, RBL Bank, Sun TV, Aarti Industries, and more. Securities under the F&O segment are those where the security has exceeded 95% of the market-wide position limit.
Foreign portfolio investors turned net sellers at Rs 1,458 crore on Tuesday, while DIIs bought shares worth Rs 2,252 crore. The net short position of FIIs shifted from Rs 350 crore on Monday to a net long position of Rs 26,234 crore on Tuesday.
