Analysts are of the view that the stock market seems to be in consolidation mode. (AI image)

Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, opened in green on Wednesday. While BSE Sensex moved up above 76,600, Nifty50 was near 23,300. At 9:18 AM, BSE Sensex was trading at 76,609.51, up 153 points or 0.20%. Nifty50 was at 23,318.65, up 54 points or 0.23%.
The domestic markets closed flat on Tuesday, lacking fresh triggers following a strong recovery post the election results.Market analysts are of the view that the stock market seems to be in consolidation mode due to the absence of any new catalysts.
Siddhartha Khemka, Head – Retail Research, Motilal Oswal, says, “Globally, investors are cautiously awaiting US CPI data and US Fed policy outcome which will be released tomorrow. The US Fed commentary could provide direction to the market. So far investors are baking in one rate cut towards the end of the year and any deviation from that could drive the market on either side.”
Nagaraj Shetti of HDFC Securities says that the index is currently placed at the hurdle of 23400-23500 levels, which are weighing high for the market to sustain the new all-time highs, suggesting a possibility of a dip in the market. Immediate support is at 23050 levels, he said.
Oil prices ticked higher on Wednesday due to upbeat global demand views from the U.S. Energy Information Administration and OPEC. Brent crude futures rose 11 cents to $82.04 a barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 18 cents to settle at $78.10.
Foreign portfolio investors turned marginal net sellers at Rs 111 crore on Tuesday, while domestic institutional investors bought shares worth Rs 3,193 crore. The net short of FIIs reduced from Rs 1.43 lakh crore on Monday to Rs 1.25 lakh crore on Tuesday.