Stock market today: BSE Sensex opens in red; Nifty50 near 24,550

Stock market today

:

BSE Sensex

and Nifty50, the Indian equity benchmark indices, opened in red on Thursday. While BSE Sensex was near 80,600,

Nifty50

was above 24,550. At 9:17 AM, BSE Sensex was trading at 80,638.73, down 78 points or 0.096%. Nifty50 was at 24,576.75, down 36 points or 0.15%.
On Tuesday, domestic markets maintained their upward trend, reaching new highs and staying in positive territory throughout the trading session.

"With the nearing of a major event – Union Budget, we expect anxiety to increase in the market. Along with this Q1FY25 earnings results of prominent companies will drive the stock-specific action," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
Nagaraj Shetti of HDFC Securities noted that the near-term uptrend of Nifty remains intact, and although Nifty is consolidating at higher levels, there is no confirmation of any significant reversal pattern forming at the highs. He expects Nifty to potentially reach 24,900 levels in the coming week, with immediate support at 24,450 levels.

Global markets

showed mixed performance, with S&P 500 futures rising 0.2%, while Hang Seng futures fell 0.3%. Japan's Topix declined 1.4%, and Australia's S&P/ASX 200 fell 0.1%. Euro Stoxx 50 futures also fell 1.1%.
In the forex market, the euro remained unchanged at $1.0939, while the Japanese yen rose 0.3% to 155.76 per dollar. The offshore yuan was little changed at 7.2681 per dollar.
Oil prices edged higher on Thursday, supported by a larger-than-expected weekly decline in U.S. crude inventories. Brent futures rose 13 cents, or 0.2%, to $85.21 a barrel, and U.S. West Texas Intermediate (WTI) crude rose 31 cents, or 0.4%, to $83.16.

Several stocks are in the F&O ban period today, including GMR Infra, Hindustan Copper, PEL, GNFC, Chambal Fertilisers, Balrampur Chini Mills, RBL Bank, and Vedanta.
Foreign portfolio investors turned net buyers, purchasing shares worth Rs 1,271 crore on Tuesday, while domestic institutional investors sold shares worth Rs 529 crore. The net long position of FIIs reduced slightly from Rs 3.47 lakh crore on Friday to Rs 3.47 lakh crore on Tuesday.
Infosys

, Tata Technologies, Polycab, and 33 other companies are set to announce their first quarter results on Thursday.