Stock market today: BSE Sensex, Nifty50 flat in opening trade – Times of India

Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, were in red in opening trade on Tuesday. While BSE Sensex was above 82,900, Nifty50 was above 25,350. At 9:17 AM, BSE Sensex was trading at 82,934.71, down 54 points or 0.065%. Nifty50 was at 25,372.25, down 11 points or 0.045%.
The Indian stock markets began the week positively, reaching new highs before closing with slight gains on Monday.Expectations of a rate cut by the US Federal Reserve on Wednesday and recent buying by foreign institutional investors have sustained the overall positive sentiment.
“Beginning of the rate cut cycle is likely to be beneficial for emerging markets and could keep the overall trend positive for the domestic market,” said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal.
The market outlook appears bullish, with the Nifty likely to resume its upward movement, say analysts.
Globally, S&P 500 futures remained steady, while Hang Seng futures dipped 0.1%. Japan’s Topix fell 0.2%, and Australia’s S&P/ASX 200 rose 0.3%. Euro Stoxx 50 futures declined by 0.4%. The dollar hovered near its lowest levels of the year, with the euro strengthening to $1.1138, approaching its year-to-date high against the dollar.
Oil prices increased on Monday as the ongoing impact of Hurricane Francine on U.S. Gulf of Mexico production offset concerns about Chinese demand. Brent crude futures for November closed at $72.75 per barrel, up 1.59%, while U.S. crude futures for October settled at $70.09, rising 2.1%.
Several stocks are under the F&O ban today, including Balrampur Chini Mills, Hindustan Copper, GNFC, RBL Bank, Chambal Fertilisers, Bandhan Bank, Biocon, Birlasoft, LIC Housing Finance, and Granules.
Foreign portfolio investors turned net sellers, offloading Rs 1,634 crore on Monday, while domestic institutional investors bought shares worth Rs 754 crore.