Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, opened in green on Tuesday. While BSE Sensex was above 78,500, Nifty50 was above 23,750. At 9:18 AM, BSE Sensex was trading at 78,540.17, up 47 points or 0.059%. Nifty50 was at 23,767.20, up 14 points or 0.058%.
Indian markets showed a slight recovery on Monday following last week’s significant five-day decline. According to analysts, this temporary pause reflects typical market behaviour, influenced by oversold positions in major index stocks.
“Participants are advised to maintain a cautious stance with a negative bias on the index until clear signs of a rebound emerge. However, individual stocks continue to present opportunities on both sides. We reiterate our preference for the pharma and healthcare sectors for long positions, while other sectors are likely to see mixed trading trends,” said Ajit Mishra – SVP, Research, Religare Broking
Experts say that the resistance levels remain at 23,850-23,870, with a bearish gap at 24,000-24,150. Support levels exist at 23,600-23,500, with potential decline towards 23,350 if breached.
Major US indices closed higher on Monday, with both the Dow Jones Industrial Average and Nasdaq Composite achieving a third consecutive positive session. The gains were primarily driven by the performance of prominent Magnificent Seven technology companies during a trading day marked by reduced holiday volume.
Trading activity in Asian markets remained constrained within narrow bands, influenced by limited holiday participation. This followed the upward movement in US markets, which was propelled by significant technology company gains.
Gold prices remained stable ahead of Christmas holiday trading. The dollar strengthened as investors anticipated extended higher US interest rates.
FPIs sold Rs 168 crore while DIIs purchased Rs 2,228 crore worth of shares. FII net short position increased to Rs 1.56 lakh crore.