According to Nagaraj Shetti of HDFC Securities, Nifty’s short-term trend remains choppy. (AI image)

Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in red on Wednesday. While BSE Sensex was below 81,700, Nifty50 was just above 25,000. At 9:22 AM, BSE Sensex was trading at 81,670.33, down 150 points or 0.18%. Nifty50 was at 25,023.25, down 34 points or 0.14%.
“This market movement aligns with expectations, and we recommend maintaining a cautious stance until Nifty decisively surpasses the 25,300 level. However, select sectors and themes are still presenting buying opportunities, so traders should focus on stock selection and adopt a balanced approach,” said Ajit Mishra – SVP, Research, Religare Broking.
According to Nagaraj Shetti of HDFC Securities, Nifty’s short-term trend remains choppy, with the market currently trading within a broader range of 25,200-24,900 levels. A decisive move above 25,200 could lead to further upside towards 25,500-25,600 levels in the near term, while immediate support is at 24,900.
US stock indexes closed lower on Tuesday, with the Nasdaq falling 1% due to concerns about chip stock demand, while the energy sector dropped 3% as oil prices declined. The Dow dipped 0.75%, the S&P 500 was down 0.76%, and the Nasdaq fell 1.01%.
Asian stocks also declined following the US selloff, triggered by a disappointing outlook from Europe’s most valuable tech firm and concerns about tighter US curbs on chip sales. As of 9:25 a.m. Tokyo time, S&P 500 futures were little changed, while Hang Seng futures fell 1.3%, Japan’s Topix fell 0.5%, Australia’s S&P/ASX 200 fell 0.4%, and Euro Stoxx 50 futures fell 1.6%.
Fourteen stocks are under the F&O ban today, including Chambal Fertilisers, SAIL, Hindustan Copper, RBL Bank, and others. FIIs turned net sellers at Rs 1,748 crore on Tuesday, while DIIs bought shares worth Rs 1655 crore. The net short position of FIIs increased from Rs 1.50 lakh crore on Monday to Rs 1.57 lakh crore on Tuesday.
Republished. Link to Original Article: https://timesofindia.indiatimes.com/business/india-business/stock-market-today-bse-sensex-nifty50-october-16-2024-dalal-street-indian-equities-global-markets/articleshow/114268885.cms