Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in green on Tuesday. While BSE Sensex rose almost 200 points, Nifty50 was above 24,350. At 9:18 AM, BSE Sensex was trading at 80,129.03, up 169 points or 0.21%. Nifty50 was at 24,360.10, up 40 points or 0.16%.
Analysts attribute the consolidation phase of markets to the lack of significant catalysts that could justify the current premium valuation in the short term, leading investors to realize some gains.
“The earnings season is around the corner, and the initial expectation is subdued. With stable input prices and ongoing price cuts, the period of margin expansion appears to be concluding, which is likely to affect earnings and valuations,” said Vinod Nair, Head of Research, Geojit Financial Services.
Nagaraj Shetti of HDFC Securities believes that a sustained move above the crucial resistance level of 24,400 could trigger a sharp rally in the market.
In global markets, S&P 500 futures were up 0.2%, while Hang Seng futures dipped 0.3%. Japan’s Topix rose 0.3%, and Australia’s S&P/ASX 200 gained 0.6%. Euro Stoxx 50 futures remained unchanged.
In the forex market, the euro, Japanese yen, and offshore yuan were all little changed against the US dollar.
Several stocks are under the F&O ban today, including India Cements, Hindustan Copper, ABFRL, Bandhan Bank, PEL, GNFC, Chambal Fertilisers, and Indus Tower. These securities have crossed 95% of the market-wide position limit.
Foreign portfolio investors (FPIs) turned net buyers, purchasing shares worth Rs 60.98 crore on Monday, while domestic institutional investors (DIIs) bought shares worth Rs 2,866 crore.
FII data shows that their net long position decreased from Rs 3.84 lakh crore on Friday to Rs 3.77 lakh crore on Monday.