Throughout this consolidation phase, the Nifty has shown strong resilience. (AI image)

Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in green on Thursday. While BSE Sensex was above 80,250, Nifty50 was above 24,250. At 9:17 AM, BSE Sensex was trading at 80,264.71, up 31 points or 0.038%. Nifty50 was at 24,277.25, up 2 points or 0.0097%.
Throughout this consolidation phase, the Nifty has shown strong resilience, with analysts indicating that Thursday’s November derivatives contracts expiry might catalyse a movement above 24,350.
“On the upside, 24,500 remains a significant resistance level, and a sustained breakout above this mark could pave the way for further gains. In the current volatile environment, traders are advised to follow a buy-on-dips strategy as long as the index holds above 24,000,” said Hardik Matalia, Derivative Analyst at Choice Broking.
US markets closed lower on Wednesday, with technology shares leading the decline amidst concerns about Federal Reserve’s stance on rate cuts following robust inflation data.
The euro maintained its largest gain in four months following hawkish central bank commentary. The yen strengthened on speculation about potential Japanese rate increases.
No stocks are currently in F&O ban.
FIIs became net buyers at Rs 8 crore on Wednesday, while DIIs purchased shares worth Rs 1,302 crore.
FII positions showed increased net short positions from Rs 1.23 lakh crore to Rs 1.35 lakh crore.