Stock Market Today: BSE Sensex and Nifty50 Open Flat; Nifty Holds Above 24,600 Amid Cautious Trading

The Indian equity markets started Tuesday’s session with a flat opening, as benchmark indices showed limited movement in early trade. At 9:17 AM, the BSE Sensex was trading at 81,495.18, a marginal drop of 13 points (0.016%), while Nifty50 stood at 24,614.90, down just 4 points or 0.017%.

On Monday, the market witnessed a decline for the second consecutive day, led by downturns in FMCG and auto stocks. Despite this, technical analysts have highlighted patterns suggesting market consolidation.

Key Insights from Analysts:

• Angel One’s Rajesh Bhosale noted Nifty50’s strong recovery from the recent low of 23,263, with the appearance of small body candles indicating ongoing market consolidation.
• LKP Securities’ Rupak De pointed to a sideways trading pattern, emphasizing traders’ cautious stance in light of limited market-moving events this week. De highlighted that Nifty50’s initial support lies at 24,470, and a breach below this could lead to a 200-250 point correction. Resistance is anticipated in the 24,700–24,750 range.

Global Market Sentiments:

• US indices saw a decline, with tech stocks, notably Nvidia, pulling back amid market uncertainties.
• Asian markets exhibited mixed performances, driven by hopes of stimulus support in China. Hang Seng futures surged 3.4%, while Japan’s Topix gained 0.4%.

FIIs & DIIs Activity:

• Foreign institutional investors (FIIs) purchased shares worth ₹724.27 crore, while domestic institutional investors (DIIs) sold ₹1,648.07 crore worth of equities.

Market watchers remain attentive to these trends as consolidation, cautious investor sentiment, and global market cues shape the trading outlook for the week.