The index may reach 24,600-24,700 if it maintains above 24,500, with 24,070 as crucial support, says Hrishikesh Yedve of Asit C. Mehta Investment Interrmediates. (AI image)
Stock market today
: Indian equity benchmark indices, BSE Sensex and Nifty50, opened in red on Thursday. While BSE Sensex was down over 100 points, Nifty50 was near 24,300. At 9:17 AM, BSE Sensex was trading at 79,834.53, down 108 points or 0.13%. Nifty50 was at 24,323.95, down 17 points or 0.069%.
“Markets are facing pressure and tend to remain volatile amid uncertainty around US presidential elections slated to be held on November 5th. The second leg of Q2 results will resume in the next week post-Diwali. Market seems to have taken support at lower levels and is likely to consolidate over the next few days,” said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal.
The index may reach 24,600-24,700 if it maintains above 24,500, with 24,070 as crucial support. Buying during price dips remains advisable above this level, according to Hrishikesh Yedve of Asit C. Mehta Investment Intermediates.
The Diwali 2024 Muhurat trading will be held on November 1, 2024 this year. Today the stock market will function normally.
US markets closed lower with declining chip stocks. Microsoft and Meta exceeded quarterly revenue expectations. Asian markets decreased following US market weakness. Oil prices increased due to unexpected inventory drops and potential OPEC+ output delay.
The yen weakened as the Bank of Japan maintained low rates. FPIs sold shares worth Rs 4,613 crore while DIIs purchased Rs 4,518 crore. The rupee closed at 84.08 against the dollar. FII net short position increased to Rs 1.22 lakh crore.
PNB, RBL Bank, Indiamart, and IDFC First Bank are under F&O trading restrictions after crossing 95% of market-wide position limits.
