A breakthrough above 24,700 could trigger significant upward movement, say market experts. (AI image)

Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, opened in green on Thursday. While BSE Sensex was above 81,600, Nifty50 was above 24,650. At 9:29 AM BSE Sensex was trading at 81,626.05, up 100 points or 0.12%. Nifty50 was at 24,654.35, up 13 points or 0.051%.
On Wednesday, markets showed minimal movement, continuing their range-bound pattern for the fourth straight session.
“We anticipate the consolidation phase to conclude soon, with the Nifty likely to surpass the 24,800 resistance level. While sectoral participation remains selective, the banking and IT sectors are expected to play a pivotal role in driving the next leg of the rally,” said Ajit Mishra – SVP, Research, Religare Broking.
A breakthrough above 24,700 could trigger significant upward movement, potentially reaching 25,000. Support remains firm at 24,500.
The Nasdaq surpassed 20,000 points for the first time, whilst the S&P 500 advanced following US inflation data that strengthened prospects of a Federal Reserve rate reduction. The Dow declined 0.22%, whilst the S&P 500 and Nasdaq gained 0.82% and 1.77% respectively.
Asian markets showed positive movement on Thursday, responding to favourable US inflation figures. The Nikkei 225 futures rose 1.5%, Japan’s Topix increased 1.2%, whilst Australian markets remained stable.
Stocks under F&O restrictions include Granules, Manappuram, Metropolis, PVR Inox, RBL Bank, and Hindustan Copper.
FIIs sold shares worth Rs 1012 crore, whilst DIIs purchased Rs 2008 crore worth of shares. FII net short position increased to Rs 47,768 crore.