Stock Market Overview: Indian Equity Market Slips in Opening Trade

Today, the BSE Sensex and Nifty50, the key benchmark indices of the Indian stock market, started the day in the red. The BSE Sensex fell below the 80,000 mark, while the Nifty dipped below 24,250. As of 9:17 AM, the BSE Sensex was trading at 79,751.71, down 298 points or 0.37%, while the Nifty50 was at 24,228.10, down 74 points or 0.30%.

The release of pre-quarterly business updates has boosted market sentiment, leading to optimism about a strong Q1 earnings season. Analysts believe this momentum will continue, with investors keeping an eye on key economic indicators like the US Non-farm Payrolls and Unemployment Rate.

Technical analysts suggest that the Nifty, currently facing resistance at the 24,400 level, may experience a minor dip or consolidation in the upcoming sessions. The immediate support level is seen at the 10-day EMA of 23,990.

Global markets have shown mixed trends, with S&P 500 futures and Hang Seng futures remaining stable, while Japan’s Topix index was unchanged. Australia’s S&P/ASX 200 saw a slight decline of 0.2%, and Euro Stoxx 50 futures rose by 0.4%.

In the currency market, major currencies like the euro, Japanese yen, and offshore yuan have remained steady against the US dollar.

Notably, five stocks, including India Cements, Hindustan Copper, ABFRL, Bandhan Bank, and PEL, are currently under the F&O ban period due to exceeding the market-wide position limit.

Foreign portfolio investors (FPIs) were net buyers on Thursday, investing Rs 2,575 crore, while domestic institutional investors (DIIs) sold shares worth Rs 2,375 crore. The net long position of FIIs increased from Rs 3.78 lakh crore to Rs 3.92 lakh crore.

For more updates on the stock market and financial news, stay tuned for further developments.