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The Indian stock market opened on a cautious note on Thursday, as monthly expiry and pre-budget volatility kept investors on edge.
The Sensex started 43.69 points lower at 76,489.27, while the Nifty saw a marginal decline of 5.30 points, opening at 23,157.80. Among Nifty 50 companies, 35 stocks advanced, 15 declined, and one remained unchanged. The top gainers in early trade were Bajaj Finance, Bajaj Finserv, Hindalco, NTPC, and Coal India, while Tata Motors, Wipro, Infosys, ICICI Bank, and HCL Technologies were among the top losers. Despite February 1, falling on a Saturday, both the BSE and NSE will remain open for a special live trading session in light of the Union Budget 2025-26. The exchanges confirmed this in a circular, stating, "On account of the presentation of the Union Budget, Exchange shall be conducting a live trading session on February 1, 2025." Akshay Chinchalkar, Head of Research, Axis Securities, said, "The nifty rose for the second straight day yesterday and closed above the key gap-down level of 23050, which means near-term bulls have been activated. That said, overhead supply still exists, with the next bout of resistance seen in the 23290 - 23340 area." He added, "Breaking above this with support at 23061 holding means a larger recovery may have begun. The union budget is due in two days, so some investors might use any bounce today to book profits or buy downside protection - note that the India VIX rallied for the fourth straight day yesterday." Banking and market expert Ajay Bagga highlighted that market volatility is expected to persist, given the elevated levels of the India VIX. He said, "Indian markets will face volatility, with the India VIX at a heightened level. With monthly expiry for all major indices today, and with the Union Budget on February 1st seeing a special market session, positions will be kept low going into this event filled weekend, in the light of Trump Tariffs and Indian Budget both." As the market navigates this high-volatility period, all eyes remain on the Union Budget and its potential impact on the economy and investor sentiment. (ANI)
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