Osho Krishnan of Angel One said that the 26,000 level for Nifty50 acts as a formidable barrier to the ongoing momentum. (AI image)

Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, dropped in opening trade on Wednesday. While BSE Sensex was trading above 84,700, Nifty50 was near 25,900. At 9:16 AM, BSE Sensex was trading at 84,763.03, down 151 points or 0.18%. Nifty50 was at 25,897.35, down 43 points or 0.17%.
The Indian stock market achieved another significant milestone on Tuesday, with the Sensex surpassing 85,000 points and the Nifty breaking the 26,000 mark.The Nifty reached a new all-time high for the fifth consecutive session, driven by sustained buying in index heavyweights.
Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal, commented, “Nifty crossed 1,000 points in 38 trading sessions supported by positive domestic cues, healthy FIIs, and the start of the rate cut cycle by the US Fed. We expect the ongoing momentum to continue in the market with sectorial rotation. Investors would watch out for US Consumer Confidence data.”
The Hang Seng futures rose 3.6%, while the Euro Stoxx 50 futures gained 1.1%. The S&P 500 futures remained relatively unchanged, and the Topix in Japan fell slightly by 0.1%. Australia’s S&P/ASX 200 rose 0.3%.
On the technical front, Osho Krishnan of Angel One said that the 26,000 level acts as a formidable barrier to the ongoing momentum. A decisive breakthrough could trigger the next leg of the rally towards 26,200, indicating a sustained uptrend. The 25,900-25,800 range is expected to provide support for any shortcomings, with strong support around 25,750-25,700 in the comparable period.
In the forex market, the euro remained stable at $1.1191, while the Japanese yen rose 0.1% to 143.07 per dollar. The offshore yuan gained 0.2% to 6.9990 per dollar.
Oil prices stabilized on Wednesday after rising the previous day, as enthusiasm for China’s economic stimulus began to wane. However, a report indicating declining U.S. crude and fuel inventories helped support the market. Brent crude futures were up 3 cents at $75.20 a barrel, while U.S. West Texas Intermediate crude fell by 2 cents to $71.58 per barrel.
Five stocks are currently under the F&O ban period: ABFRL, Granules, Hindustan Copper, Vodafone Idea, and IEX. These securities have crossed 95% of the market-wide position limit.
Foreign portfolio investors (FPIs) turned net sellers, offloading shares worth Rs 2,784 crore on Tuesday. Domestic institutional investors (DIIs) also sold shares worth Rs 3,868 crore. The net long position of FIIs reduced from Rs 3.59 lakh crore on Monday to Rs 3.38 lakh crore on Tuesday.