Stock market today: BSE Sensex opens 250 points up; Nifty50 near 24,650

"The recovery in global markets is supporting the index's positive tone, but the underperformance of banking majors is limiting momentum. Amid all, we recommend maintaining a "buy on dips" strategy, with a focus on stock selection. Our preference remains for the IT and FMCG sector, and we suggest being selective in others," said Ajit Mishra – SVP, Research, Religare Broking.

Nagaraj Shetti of HDFC Securities notes that the short-term trend of Nifty remains positive, but with the index positioned at the key overhead resistance around 24,700, there is a possibility of some consolidation or a minor dip in the next 1-2 sessions before another round of upside breakout. Immediate support levels to watch are at 24,400.

In global markets, S&P 500 futures were little changed, while Hang Seng futures rose 0.8%, and S&P/ASX 200 futures climbed 0.6%.

In the forex market, the euro, Japanese yen, and offshore yuan were all little changed against the US dollar. Oil prices edged lower on Tuesday as Israel accepted a proposal to resolve disagreements blocking a ceasefire deal in Gaza, easing concerns about supply disruptions in the Middle East.

Several stocks are in the F&O ban today, including India Cements, Chambal Fertilisers, GNFC, Indiamart, RBL Bank, Sun TV, Aarti Industries, ABFRL, Manappuram, LIC Housing Finance, PNB, Granules, SAIL, Bandhan Bank, Biocon, NMDC, PEL, Birla Soft, and Hindustan Copper.

Foreign portfolio investors (FPIs) turned net sellers, offloading shares worth Rs 2,667 crore on Monday, while domestic institutional investors (DIIs) bought shares worth Rs 1,803 crore.

FII data showed that their net long position turned from Rs 4,259 crore on Friday to a net short position of Rs 350 crore on Monday.