Stock market today: BSE Sensex surges 400 points; Nifty50 above 23,400

Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, surged in opening trade on Thursday. While BSE Sensex moved closer to the 77,000 mark, Nifty50 was above 23,400. At 9:18 AM, BSE Sensex was trading at 76,954.15, up 348 points or 0.45%. Nifty50 was at 23,433.10, up 110 points or 0.47%.
The Nifty reached new lifetime highs on Wednesday but saw some profit-taking towards the end of the session at higher levels.On Thursday, the markets will respond to inflation data and the outcome of the US Federal Reserve policy meeting. India's retail inflation (CPI inflation) eased to a 12-month low of 4.75% on an annual basis in May, compared to an 11-month low of 4.83% in the previous month.
According to Siddhartha Khemka, Head of Retail Research at Motilal Oswal, "The market is likely to consolidate in the near term with positive bias."
Nagaraj Shetti of HDFC Securities says that as long as the upside hurdle is not decisively overcome, the possibility of a downward correction cannot be ruled out. Immediate support is at 23,200 levels, and a move below this area could trigger a quick selloff in the market, he was quoted as saying by ET.
Five stocks are in the F&O ban period today: Balrampur Chini Mills, SAIL, India Cements, GMR Infra, and Hindustan Copper.
Foreign portfolio investors turned net buyers with Rs 427 crore on Wednesday, while domestic institutional investors bought shares worth Rs 234 crore.
The rupee rose 3 paise to close at 83.56 against the US dollar on Wednesday, supported by positive domestic market sentiment, with the Nifty touching a fresh all-time high.
The net short position of FIIs reduced from Rs 1.25 lakh crore on Tuesday to Rs 80,000 crore on Wednesday.