Stock market today: Nifty50 opens flat; BSE Sensex near 84,400

Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, opened flat in trade on Thursday. While Nifty50 was near 25,850, BSE Sensex was above 84,400. At 9:17 AM, Nifty50 was trading at 25,854.85, down 21 points or 0.081%.

BSE Sensex was at 84,404.72, down 62 points or 0.073%.Market analysts anticipate the positive trend to continue, backed by ongoing company results, positive developments in India-US trade negotiations, and favourable global market conditions.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “The market needs more triggers to take it to new record highs. With the outcome of the Bihar polls largely discounted by the market, there are no political triggers that can push the market significantly higher.

The reverse might happen if the actual poll results turn out to be different from the exit polls.” “The important economic factors that have to be watched for is a possible India-US trade deal removing the penal tariffs and reducing the reciprocal tariffs. The decline in October retail inflation in India to 0.25% indicates the possibility of a rate cut from the MPC in December. But the monetary policy transmission turning weak has become a challenge for the RBI.”

“In the near-term the market is likely to consolidate and then respond to triggers when they happen. Positive triggers happening simultaneously can lead to short-covering pushing the market sharply up. But sustained uptrend would be challenging given the FII selling and elevated valuations.”On Wednesday, US stock indices showed mixed results, with the Dow Jones reaching a new closing high whilst the Nasdaq declined as investors shifted away from expensive technology shares, whilst considering the probable resolution of the US government shutdown.Asian markets and US equity futures saw flat trade following a tepid Wall Street session, with investors remaining cautious due to few economic indicators data affecting Federal Reserve policy visibility.Foreign portfolio investors recorded net sales of Rs 1,750 crore on Tuesday, while domestic institutional investors made net purchases worth Rs 5,127 crore.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)