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Domestic stock markets on Wednesday opened near the flatline on a cautious note, tracking the subdued sentiment in Asian markets.
At the opening of the trade, Nifty at National Stock Exchange (NSE) started at 24,204.80, up 10.30 points and Sensex at 80,121.03, up by about 122 points. In the opening trade, the stocks of Coal India, Adani Enterprises, Mahindra and Mahindra, Adani Ports, and Kotak Banks were the top gainers. On the other hand, IndusInd Bank, Cipla, Tata Consumer Products, Bharti Airtel, and UltraTech Cement were the major losers on the NSE. Among the sectoral indices, Auto and IT opened in green territory. The sectoral indices of banks, financial services, FMCG, media, pharma, PSU, and private banks, realty, healthcare, and consumer durables opened in red. As per the market analysts, IT stocks and the Adani Group will remain in focus. The Nifty IT index hit a record high on Tuesday despite a broader market consolidation. In contrast, Fitch and Moody's downgraded the outlook for several Adani Group companies to "negative," citing rising legal and governance risks. Foreign Institutional Investors (FIIs) turned net buyers, ending a long period of selling, partly due to MSCI rebalancing. The domestic market's near-term outlook is positive as per the market experts. "Israel and Hezbollah have agreed to a US-mediated 60-day ceasefire. This is positive for the markets, as it raises hopes for some agreement to stop the fighting in Gaza and sharply reduces the risks of Iran widening the Middle East conflict," said Ajay Bagga, market and banking expert, observing the market. "Nifty futures are pointing to a flat to slightly positive start this morning. We expect Indian markets to trend upwards in the December series as seasonality, better earnings in H2 FY2025, and better global cues set the stage for a slow and steady recovery," said Bagga. "IT stocks and the Adani group are expected to remain in focus," said Varun Aggarwal, MD, Profit Idea. On the global front, the Asian equities face pressure from US tariff concerns, as President-elect Trump plans to impose tariffs on China, Mexico, and Canada. Despite this, US stocks reached record highs, with the S&P 500 rising 0.6 percent and the Dow gaining 0.3 percent. (ANI)
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