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The Indian stock markets, in the first trading session of the year 2025, opened marginally higher on Wednesday, despite most global markets being closed for New Year celebrations.
The BSE Sensex opened at 78,265.07 on the first day of the year and the Nifty50 at National Stock Exchange (NSE) at 23,637.65 The stocks of Adani Enterprises, Apollo Hospitals, Sun Pharma and L&T secured their position as the major gainers, while Bajaj Auto, UltraTech Cement, JSW Steel, Hindalco, and Dr Reddy's Laboratories were the major losers at the NSE in the opening hour. Both indices posted solid gains in 2024, with the Sensex and Nifty50 rising over 8 per cent each, despite recent pullbacks from their highs. However, slowing consumption and sluggish capex activity are putting pressure on corporate earnings, leaving investors hoping for stimulus measures from the government and India Inc. to drive growth in 2025. "With global risks and uncertainties clouding the near-term outlook, markets are expected to remain cautious, awaiting a clearer view of future growth prospects as companies report their third-quarter results next week," Varun Aggarwal MD, Profit Idea. The market experts noted after witnessing weak sentiments, any upward movement in the markets now depends on the quarter three results and Trump's policies after he assumes office in January. On the last trading day of 2024, The BSE Sensex dropped to a low of 77,561, reflecting global market weaknesses, but rebounded to a high of 78,248 before closing at 78,139, down 0.14 per cent or 109 points. Nifty50 formed a small positive candle on the daily chart, suggesting a possible upside bounce from the 23,500 support level, with a near-term target of 24,000. Nifty's open interest data indicates resistance at 23,800-24,000 and support at 23,500-23,200. "The Nifty's recovery yesterday traced a weak-form "piercing line" candle, with a long lower shadow. That means bulls are attempting to hold their heads above the water, but significant resistance lies in the 23774 - 23940 zone and the trend-decider 24150 level," stated Akshay Chinchalkar, Head of Research, Axis Securities. "Support falls between 23440 and 23263, but one needs to remember that breadth - measured by the percentage of stocks in the nse200 above the main moving averages (50, 100 and 200) - hasn't dropped to levels where historically downside extremes have been achieved. That means the potential for more weakness exists," he further added. "Looking ahead, the market is expected to remain cautious, with Nifty facing support at 23,210 and resistance at 23,610. Bank Nifty's support levels are at 50,350, while resistance is seen at 51,170," Aggarwal stated. Global markets, including major Asian stock exchanges, were closed for the New Year, while US stocks ended the previous session lower. The Dow Jones fell 0.07 per cent, the S&P 500 declined 0.43 per cent, and the Nasdaq Composite dropped 0.90 percent. (ANI)
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