Wednesday, October 30, 2024
News

Nifty, Sensex flat on Wednesday , volatility to continue till results of US elections

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

Mumbai (Maharashtra) | October 30, 2024 9:41:43 AM IST
Indian stock markets opened flat amid a buying and selling trend by domestic investors and Foreign Institutional Investors (FIIs). The continuous selling by FIIs and buying support from Domestic Institutional Investors (DIIs) have shifted markets into a balanced mode.

On Wednesday, Nifty and Sensex opened with a marginal dip. The Nifty 50 index opened at 24,371.45 points, declining by 95.40 points or 0.39 per cent. Meanwhile, the BSE Sensex opened at 80,237.85 points, down by 131.18 points or 0.16 per cent.

Experts noted that volatility is increasing globally across all assets as the U.S. election dates approach. Volatility is also high due to a lack of clear trends in the election so far.

"Nasdaq, Gold and Bitcoin making new record highs makes for a confusing assortment of assets. The US Presidential Elections are poised delicately, with prediction markets and pollsters unable to determine a trend. Sticking to your asset allocation and focusing on your financial goals and staying invested for the long term, in quality companies, is a simple mantra for success. However, hardly anyone follows it. Nobody Knows about the short term. Things are clearer for the long term. Till the long term, Nobody Knows" Ajay Bagga, Banking and Market Expert.

In the sectoral indices, except for Nifty FMCG and Nifty Media, all other indices opened with a decline. Among the Nifty 50 list, 19 shares opened in advance, while 31 stocks opened with a decline.

Maruti Suzuki shares gained around 2 percent at the opening after a decline of more than 3 percent on Tuesday. Shares of major pharma companies, including Cipla, Dr. Reddy's, and Sun Pharma, emerged as top losers in the opening session on the NSE.

In quarterly announcements, some of the major companies, including Larsen & Toubro, Tata Power, Dabur India, Aditya Birla Capital, and DCM Shriram, are set to announce their second-quarter results today.

The experts also noted that the recovery in markets may continue like the trend seen on Tuesday's session.

"Tuesday's reversal higher in the nifty after an opening slump has the potential to further the near-term recovery. There are two reasons why this may occur. One, Monday's rally created a Japanese "bullish harami" candlestick pattern, which got validated as yesterday's recovery broke through the Friday high of 24,440. Two, historically, whenever the Nifty has fallen at least 0.5 per cent below its previous close and recovered to settle a minimum of 1 per cent above the same day's low, the next few days have seen the market extend its advance" said Akshay Chinchalkar, Head of Research, Axis Securities. (ANI)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Legal House: Revolutionizing the Legal I...
A Timepiece for the Festive Season...
India's external assets grew faster than...
ASBL Spire Celebrates Vibrant Community ...
RBI report shows India's forex reserves ...
Amid global economic crisis, RBI hikes i...
More...
 
INDIA WORLD ASIA
ED arrests dismissed Punjab cop Inderjee...
Tripura Sundari Temple gears up for Diwa...
Tamil Nadu govt declares holiday for edu...
Delhi Pollution: 79 cases filed, 19,005 ...
Maharashtra Polls: 10,905 nomination pap...
Modi government creating opportunities f...
More...    
 
 Top Stories
Honouring Our Heroes at CS Academy,... 
Tom Hanks recalls visiting Jimmy St... 
ASBL Spire Celebrates Vibrant Commu... 
BJP's Tejasvi Surya asks JPC chairm... 
Karnataka Home Minister G Parmeshwa... 
ED arrests dismissed Punjab cop Ind... 
Indian shuttler Malvika Bansod crui... 
India's external assets grew faster...