Stock market today: Nifty50 opens in red; BSE Sensex above 81,300

Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, opened in red on Thursday. While Nifty50 was near 24,950, BSE Sensex was down over 50 points. At 9:16 AM, Nifty50 was trading at 24,956.75, down 16 points or 0.065%.

BSE Sensex was at 81,368.44, down 57 points or 0.070%.Market experts anticipate continued upward movement in Indian markets, backed by encouraging global indicators, increased consumption due to GST implementation and strong domestic economic fundamentals.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, "A significant trend in the stock markets, for some time now, is the underperformance of India relative to other markets.

While many markets like the US, Taiwan and Korea are setting new record highs, Nifty is still 4.4% below the record set in September 2024.”“Largely this underperformance is the correction of the overvaluation caused by sustained domestic capital inflows into the market. Now the largecaps are fairly valued, but the mid and smallcaps, particularly the latter, continue to be overvalued. India’s resilient macros and the sweeping reforms implemented this year, particularly the GST reforms, have taken the economy to the cusp of a breakout growth.

The market will soon start discounting the higher earnings growth expected in FY27.

Fundamentally, safety is in largecaps."The S&P 500 and Nasdaq reached new closing highs on Wednesday, driven by Oracle's strong performance and lower-than-anticipated inflation data, strengthening predictions for Federal Reserve rate cuts next week.Asian stocks displayed mixed trends Thursday following Wall Street's rally in stocks and bonds, as decreased producer prices reinforced expectations of Federal Reserve rate cuts next week.Gold prices increased on Thursday following lower-than-anticipated US producer price index (PPI) figures, strengthening the likelihood of a Federal Reserve interest rate reduction next week. Traders remained watchful for upcoming consumer inflation statistics for additional direction.Foreign portfolio investors sold shares worth Rs 115 crore net on Wednesday. Domestic institutional investors were net purchasers at Rs 5,004 crore.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)