Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, opened in flat in trade on Tuesday. While BSE Sensex was around 81,500 levels, Nifty50 was above 24,600. At 9:17 AM, BSE Sensex was trading at 81,495.18, down 13 points or 0.016%. Nifty50 was at 24,614.90, down 4 points or 0.017%.
On Monday, Indian benchmark indices declined for the second consecutive day, with FMCG and auto stocks leading the downturn.
LKP Securities' Senior Technical Analyst Rupak De noted the sideways trading pattern, attributing it to traders' cautious stance. He expects this trend to continue due to the week's lack of significant events.
"Technically, Nifty has initial support around 24,470. A break below this level could trigger a correction of 200-250 points. On the higher end, the 24,700-24,750 zone is expected to act as a resistance," De said.
Angel One's Technical Analyst Rajesh Bhosale noted Nifty's strong recovery from 23,263, with recent small body candles suggesting market consolidation.
US indices declined, with Nvidia's drop affecting tech stocks. Asian markets showed mixed performance, with Chinese stimulus hopes boosting sentiment. The Hang Seng futures rose 3.4%, whilst Japan's Topix increased 0.4%.
FIIs purchased shares worth Rs 724.27 crore, whilst DIIs sold Rs 1,648.07 crore worth of shares.