BSE Sensex up over 200 points; Nifty50 above 24,350

Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, moved up in opening trade on Thursday.

While BSE Sensex crossed 84,100, Nifty50 was above 24,350. At 9:16 AM, BSE Sensex was trading at 80,148.11, up 223 points or 0.28%. Nifty50 was at 24,385.20, up 61 points or 0.25%. Today, the focus will be on IT company shares as TCS, a key player in the industry, is set to announce its first quarter earnings.

Siddhartha Khemka, Head – Retail Research at Motilal Oswal, said, “We expect the market to consolidate in the higher zone and any dip is a buying opportunity for long-term investors.

Corporate earnings will start with TCS first to announce numbers. Thus, the IT sector is expected to remain in focus.”

The market’s near-term uptrend remains intact, but there are signs of profit booking around the 24400-24500 levels, according to Nagaraj Shetti of HDFC Securities. However, a move above 24465 could negate this bearish setup, with immediate support at 24150 levels.

Global markets showed mixed trends, with S&P 500 futures remaining steady, while Hang Seng futures and Japan’s Topix rose. The dollar experienced a slight decline, and the British pound strengthened to its highest level in a month at $1.28545 during early trading in Asia, following remarks from Bank of England officials that reduced expectations of an interest rate cut in August.

Oil prices increased slightly as crude inventories declined due to increased processing at U.S. refineries and a decrease in gasoline stocks, indicating heightened demand. Brent futures climbed to $85.43 per barrel, while U.S. West Texas Intermediate (WTI) crude reached $82.47 per barrel.

Foreign portfolio investors turned net buyers at Rs 583 crore on Wednesday, while domestic institutional investors bought shares worth Rs 1,082 crore. The net long position of FIIs reduced from Rs 3.85 lakh crore on Tuesday to Rs 3.38 lakh crore on Wednesday.