According to Nagaraj Shetti of HDFC Securities, the short-term trend of Nifty remains negative. (AI image)

Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, opened flat in trade on Thursday. While BSE Sensex was around 80,150, Nifty50 was above 24,400. At 9:17 AM, BSE Sensex was trading at 80,173.17, up 91 points or 0.11%. Nifty50 was at 24,444.65, up 9 points or 0.037%.
“Apart from the concern of continuous outflow of the foreign investors, the disappointment on the earnings front is largely weighing on the sentiment. We thus reiterate the sell on rise view in the Nifty index and suggest maintaining stock-specific trading approach citing the prevailing choppiness due to earnings,” said Ajit Mishra – SVP, Research, Religare Broking.
According to Nagaraj Shetti of HDFC Securities, the short-term trend of Nifty remains negative, and a decisive move below the 24,500-25,450 range could lead to a further downside target of 24,000. Any increase up to the immediate resistance level of 24,700 might present a selling opportunity. The India VIX, a gauge of market fear, increased by 4.2% to close at 14.34 levels.
In the United States, Wall Street ended lower on Wednesday as rising Treasury yields put pressure on megacap stocks, and investors became less optimistic about significant rate cuts by the Federal Reserve. Corporate news also negatively impacted McDonald’s and Coca-Cola.
Asian equities declined, while the yen and Treasuries stabilized following a selloff on Wednesday as traders adjusted their expectations for US interest-rate cuts. S&P 500 futures remained relatively unchanged, Hang Seng futures dropped by 1%, Japan’s Topix fell by 1%, and Australia’s S&P/ASX 200 decreased by 0.2%.
Oil prices saw a slight increase on Thursday, recovering some of the more than 1% losses from the previous session after US crude inventories rose significantly higher than anticipated.
Several stocks are currently in the ban period under the F&O segment, including Chambal Fertilisers, RBL Bank, Manappuram, Aarti Industries, LTF, Birla Soft, PNB, GNFC, Bandhan Bank, Indiamart, IEX, and PEL. These securities have crossed 95% of the market-wide position limit.
Foreign portfolio investors (FPIs) were net sellers on Tuesday, offloading shares worth Rs 3,978 crore, while domestic institutional investors (DIIs) purchased shares worth Rs 5,869 crore.
The net short position of FIIs increased from Rs 1.67 lakh crore on Monday to Rs 1.7 lakh crore on Tuesday, according to FII data.
Republished. Link to Original Article: https://timesofindia.indiatimes.com/business/india-business/stock-market-today-bse-sensex-nifty50-october-24-2024-dalal-street-indian-equities-global-markets/articleshow/114529361.cms