Stock market today: BSE Sensex opens over 400 points lower; Nifty50 below 23,400

The range of 23,780-23,800 represents key resistance, market analysts say. (AI image)

Fair today: Indian equity benchmark indices, BSE Sensex and Nifty50, opened in the red on Thursday. While BSE Sensex was below 77,200, Nifty50 was below 23,400. At 9.18 am, BSE Sensex was trading at 77,172.19, down 406 points or 0.52%. Nifty50 was at 23,378.60, down 140 points or 0.59%.
“The Nifty’s move reflects that the bears are firmly in control, using every rebound as an opportunity to go short. We maintain our sell-on-rise stance on the index until a decisive reversal is evident , while emphasizing a selective approach to stock-specific transactions.” said Ajit Mishra – SVP, Research, Religare
The range of 23,780-23,800 represents key resistance. Support is at the 50-week simple moving average, near 23,300. According to Hrishikesh Yedve of Asit C Mehta Investment Intermediates, the short-term trend remains negative below 23,800.
US markets showed mixed results, with the Nasdaq falling due to tensions between Russia and Ukraine and weak performance from Target. Asian markets opened lower on Thursday, influenced by Nvidia’s conservative sales outlook.
Asian markets showed weakness early Thursday following weak performance on Wall Street, especially after Nvidia Corp.’s conservative revenue outlook. Bitcoin hit a new all-time high.
The US dollar remained strong on Thursday as investors waited for more clarity on newly elected US President Donald Trump’s policy proposals while evaluating potential interest rate decisions from the Federal Reserve.
FPIs posted net sales of Rs 3,411 crore on Tuesday, while DIIs bought shares worth Rs 2,784 crore.
The FIIs’ net short position fell to Rs 1.91 lakh crore on Tuesday from Rs 2.17 lakh crore on Monday.