Stock market today: BSE Sensex, Nifty50 open in red after record rally

Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, opened in red on Tuesday. While BSE Sensex was above 84,800, Nifty50 was near 25,900. At 9:16 AM, BSE Sensex was trading at 84,836.31, down 92 points or 0.11%. Nifty50 was at 25,922.25, down 17 points or 0.065%.
The Indian stock market continued its upward trajectory on Monday, with the Nifty index closing at record highs and poised to surpass the 26,000 mark.The index has already gained 3% in September 2024, and market experts anticipate the positive momentum to persist, driven by the outperformance of index heavyweights.
Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal, said, "We expect positive momentum to continue with index heavyweights continuing to outperform. We expect key events like the US GDP & Core PCE data, Fed Chair Powell's speech & monthly derivatives expiry will keep the markets busy."
Technical analysis by Nagaraj Shetti of HDFC Securities indicates that the short-term trend of the Nifty remains positive, with the index targeting 26,250 levels in the near term, while immediate support is at 25,750.
In the global markets, S&P 500 futures were flat, while the Hang Seng futures rose 1.1%. Japan's Topix gained 1%, and the Euro Stoxx 50 futures edged up 0.2%. The forex market saw the euro and the Japanese yen holding steady against the dollar, while the offshore yuan remained unchanged.
Oil prices increased on Tuesday due to concerns over the escalating conflict between Israel and Hezbollah and the potential impact of a tropical storm on U.S. crude output. Brent crude futures for November rose by 0.3% to $74.11 a barrel, and U.S. crude futures for November increased by 0.3% to $70.61.
Several stocks are in the F&O ban period today, including Balrampur Chini Mills, OFSS, GNFC, RBL Bank, PNB, Nalco, Biocon, Birlasoft, LIC Housing Finance, Granules, SAIL, and Vodafone Idea. Foreign portfolio investors turned net buyers with Rs 404 crore on Monday, while domestic institutional investors sold shares worth Rs 1,022 crore.