Stock market today: BSE Sensex opens in red; Nifty50 below 24,300

Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50 opened in green on Dhanteras 2024. While BSE Sensex was below 80,000, Nifty50 was near 24,300 level. At 9:17 AM, BSE Sensex was trading at 79,742.94, down 262 points or 0.33%. Nifty50 was at 24,282.10, down 57 points or 0.23%.
The domestic markets ended their five-day losing streak and experienced a recovery on Monday, with the Nifty trading in positive territory throughout the session and closing with gains of 186 points.
“We expect the truncated week to remain sideways amid a mixed Q2 season, monthly FNO expiry and continued selling by FIIs. Key results to watch out for tomorrow will be Maruti Suzuki, Adani Enterprise, Adani Ports, and Cipla amongst others,” said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal.
According to Deepak Jasani of HDFC Securities, the Nifty could now rise to face resistance at 24,567, while the 24,073-24,135 band could offer support in the near term.
Wall Street closed higher on Monday ahead of a busy week of earnings from megacap companies and the final stretch before the November 5 presidential election.
Asian equities traded in a narrow range as traders prepared for the US election and key economic data that will set the stage for the next Federal Reserve decision. Oil prices edged up on Tuesday, after a sharp plunge in the previous session, as a U.S. plan to purchase oil for the Strategic Petroleum Reserve provided support.
The yen languished near a three-month trough on Tuesday as the loss of a parliamentary majority for Japan’s ruling coalition in weekend elections raised uncertainty about the nation’s political and monetary outlook.
Foreign portfolio investors turned net sellers at Rs 3,228 crore on Monday, while DIIs bought shares worth Rs 1401 crore.
The net short of FIIs reduced from Rs 1.27 lakh crore on Friday to Rs 93,792 crore on Monday.