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Indian stock markets opened flat on Monday, balancing the rate cut effect and the Donald Trump threat of tariffs on aluminum and steel imports to the US.
Nifty 50 opened at 23,543.80 points with a decline of 16.15 points or 0.07 per cent, while BSE Sensex declined by 70.89 points or 0.09 per cent to open at 77,789.30. Experts stated that the markets remained flat after settling the RBI rate cut, but now Trump's threat of tariffs on key metals has again put pressure on markets, posing risks to global trade. Ajay Bagga, Banking and Market experts told ANI "RBI rate cut was a welcome move, but markets did not appreciate the hawkish undertone at the press conference which defended the retention of a "Neutral" policy stance. Trump's talk of levying 25 per cent tariffs on all steel and aluminum imports and of announcing "universal" tariffs this week on all countries that levy tariffs on US goods have brought risk off sentiment to the fore today. Commodity exporter currencies, Asian markets are down this morning. Indian futures are also indicating a soft start". In the sectoral indices, except for Nifty Auto, which gained marginally, all other sectors declined. While opening, Nifty Metal declined by around 2 per cent. The Nifty 50 index opened with 18 stocks in gains, while 32 stocks declined at the time of filing this report. Top gainers included Mahindra and Mahindra, which gained more than 1.91 per cent, and BEL, whose share surged more than 1.35 per cent. Meanwhile, top losers included JSW Steel, which declined by more than 2.5 per cent. "The trend is likely to remain positive as long as the index stays above 23,450. Resistance is at 23,850 on the higher end, and a decisive move above that level could lead to a rally toward 24,050. The Nifty 50 extended its losing streak for a third consecutive session on Friday, closing around 23,550 after a volatile day" said Sunil Gurjar, SEBI Registered Research Analyst, Founder- Alphamojo Financial Services. In the financial results today, Varun Beverages, Grasim Industries, Eicher Motors, Apollo Hospitals Enterprises, Patanjali Foods, FSN E-Commerce Ventures (Nykaa), CRISIL, National Aluminium Company, Escorts Kubota, and Gillette India are some of the major companies set to announce their third-quarter results. In other Asian markets, a mixed trend was visible, with Japan's Nikkei 225, Taiwan Weighted, and South Korea's KOSPI index in red due to selling pressure, while Hang Seng of Hong Kong and Singapore's Straits Times gained at the time of filing this report. (ANI)
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