Stock market today: BSE Sensex opens in green; Nifty50 above 24,500

Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in green on Wednesday after Tuesday’s crash.

While BSE Sensex was above 80,300, Nifty50 was near 24,500.

At 9:19 AM, BSE Sensex was trading at 80,334.

92, up 114 points or 0.

14%.

Nifty50 was at 24,505.

05, up 33 points or 0.

13%.

The Nifty has experienced a 7% correction from its all-time high, reaching a crucial support level at the 100-day exponential moving average (DEMA) of 24,485.

Ajit Mishra, SVP of Research at Religare Broking, anticipates further downside, especially in midcap and smallcap stocks.

He suggests that the next significant support for the index is around 24,000, with potential resistance between 24,700 and 25,000 in case of a rebound.

Mishra advises adjusting trades accordingly and cautions against adding to losing positions.

Nagaraj Shetti of HDFC Securities notes that Nifty's short-term trend remains negative, and a decisive move below the 24,500-25,450 range could open the door for a further downside target of 24,000.

He suggests that any rise up to the immediate resistance of 24,700 could present a selling opportunity.

The India VIX, a measure of market fear, rose 4.

2% to settle at 14.

34 levels.

In the US, the tech-heavy Nasdaq gained ground on Tuesday, ending a choppy session higher as Treasury yields retreated and investors awaited more earnings reports to gauge the health of American companies.

The Nasdaq closed up 0.

18%, while the Dow and S&P remained flat.

Asian shares were mixed in early trade, reflecting subdued risk appetite as traders considered the possibility of less aggressive Federal Reserve interest rate cuts.

S&P 500 futures fell 0.

1%, Hang Seng futures rose 0.

6%, Nikkei 225 futures fell 0.

4%, and Australia's S&P/ASX 200 rose 0.

3%.

Oil prices edged down on Wednesday after industry data showed that U.

S.

crude inventories had swollen more than expected.

The market is also monitoring diplomatic efforts in the Middle East as Israel continues attacks on Gaza and Lebanon.

Foreign portfolio investors (FPIs) turned net sellers, offloading Rs 3,978 crore on Tuesday, while domestic institutional investors (DIIs) bought shares worth Rs 5,869 crore.

The net short position of FIIs increased from Rs 1.

67 lakh crore on Monday to Rs 1.

7 lakh crore on Tuesday.

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