The BSE Sensex is back beyond 80,100 today, while the Nifty50 is close to 24,350

Sensex Surges Past 80,100, Nifty50 Nears 24,350 Mark

Written by: Supriya Kadu

Edited by: Pinky Deshmukh

Last Updated: July 09, 2024

Summary: On Tuesday, the key Indian equity indices, the BSE Sensex and Nifty50, opened higher. While the Nifty50 reached above 24,350, the BSE Sensex increased by nearly 200 points.

Stock Market Today: The key Indian equity indices, the BSE Sensex and Nifty50, commenced Tuesday's trading session higher. BSE Sensex increased by about 200 points, but Nifty50 remained above 24,350. As of 9:18 AM, the BSE Sensex was up 169 points, or 0.21%, at 80,129.03. At 24,360.10, the Nifty50 was up 40 points, or 0.16%.

Analysts attribute market stabilization to the lack of notable events that might reinforce the current premium valuation while also providing investors with short-term gains.

"The early expectations are low as the earnings season approaches. The period of margin expansion appears to be coming to an end with steady input costs and continuous price reductions, which will probably have an impact on valuations and profitability," according to Vinod Nair, Head of Research at Geojit Financial Services.

According to HDFC Securities' Nagaraj Shetti, an ongoing advance above the critical resistance level of 24,400 would set off a strong market rebound.

S&P 500 futures were up 0.2%, and Hang Seng futures were down 0.3% on international markets. Australia's S&P/ASX 200 gained 0.6%, while Japan's Topix increased by 0.3%. Futures for the Euro Stoxx 50 remain unchanged.

The euro, Japanese yen, and offshore yuan all saw minor fluctuations in price relative to the US dollar on the foreign exchange market.

India Cements, Hindustan Copper, ABFRL, Bandhan Bank, PEL, GNFC, Chambal Fertilizers, and Indus Tower are among the stocks that are now banned from trading under the F&O. In terms of the market-wide position limit, these equities have exceeded 95%.

On Monday, domestic institutional investors (DIIs) bought shares worth Rs 2,866 crore, while foreign portfolio investors (FPIs) turned net buyers, buying shares worth Rs 60.98 crore.

Their net long position dropped from Rs 3.84 lakh crore on Friday to Rs 3.77 lakh crore on Monday, according to FII statistics.

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