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The Stock market today opened on a positive note but quickly lost ground as investors weighed easing crude prices and stronger global technology cues against pressure in auto and cement stocks. The Nifty opened at 24,277.60 and was trading at 24,194.40, down 13.35 points or 0.06 per cent from its previous close of 24,207.75. The Sensex opened at 77,576.76 and stood at 77,452.09, down 20.85 points or 0.03 per cent from Wednesday’s close of 77,472.94 at the time of reporting.

Stock market today tests gains as key sectors turn cautious

The Stock market today saw both benchmarks begin with a gap-up opening before slipping into negative territory. Most broad-market indices remained in positive territory, while Nifty Auto, Financial Services, FMCG, Cement and PSU Bank indices traded in the red during early trade.

On the NSE, Bajaj Finance, Tech Mahindra, BEL, Eternal, ONGC, Tata Steel, Infosys, Reliance, Cipla, Adani Ports and Trent were among the top gainers. HDFC Bank, Hindalco, Grasim, Power Grid, Axis Bank, Coal India, TCS and Maruti were among the major losers.

Stock market today tracks global technology boost and crude prices

On the BSE, Tech Mahindra, Bajaj Finance, Kotak Bank, ICICI Bank, BEL and Eternal featured among the top gainers. HDFC Bank, Power Grid, Hindalco, TCS, Maruti and IndiGo were among the stocks under pressure.

The Stock market today is also drawing support from softer crude prices and a stronger technology backdrop after NVIDIA reported better-than-expected results. Brent crude was around USD 87.39 per barrel, while crude oil was trading near USD 81.82 per barrel at the time of reporting.

Stock market today faces resistance near 24,300 level

Market analyst Vipin Dixena called the opening “encouraging”, citing easing crude prices and stronger global technology cues following NVIDIA’s results. “What I am watching now is whether the market can sustain these opening gains. Yesterday’s weakness was largely led by IT stocks and Reliance, so today’s recovery needs broader participation rather than being limited to a few heavyweights,” Dixena said.

He also pointed to the continued FII buying streak and supportive DII flows. “Technically, Nifty is trading below 24,300, which will act as immediate resistance. A sustained move above this level could take the index towards 24,500 and potentially 24,700. On the downside, 24,150 becomes the first support, followed by the crucial 24,000,” he noted.

Stock market today gets Nvidia lift as Asian markets gain

Rajesh Palviya, Head of Research at Axis Direct, said global cues had been subdued overnight, with the S&P 500 ending flat, the Nasdaq slipping 0.08 per cent and the Dow losing 113 points. Core PCE inflation came in line with expectations at 3.3 per cent year-on-year. “Sentiment has improved since then, led by strong Nvidia results,” he said.

The Stock market today is also reflecting NVIDIA’s strong earnings. The company reported USD 96.2 billion in revenue, more than double the figure from a year earlier. Its stock rose more than 4 per cent in after-hours trading, helping Asian markets, with the Kospi gaining around 1.4 per cent.

Palviya said Brent crude, near USD 86.6 a barrel, had eased for a third straight session as concerns over supply disruptions through the Strait of Hormuz moderated. He said this was providing some relief to India’s import bill. Overall, the Stock market today remains caught between global optimism around technology and cautious domestic sectoral moves.

(with inputs from ANI)

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