|
Indian stock markets opened on a positive note today despite ongoing tensions between India and Pakistan that continue to worry investors.
At the time of filing this report, the Nifty 50 index was up by 95 points or 0.41 per cent at 24,134, while the Sensex also gained 406.96 points or 0.51 per cent to trade at 79,619.49. The situation at the India-Pakistan border remains the key concern for the market participants. However, foreign portfolio investor (FPI) inflows continue to support Indian equities. Last week's selling by high net-worth individuals (HNIs) kept the markets under some pressure, but overall sentiment appears to be improving with the new week start. Ajay Bagga Banking and Market Expert told ANI, "FPI flows are continuing to support Indian markets along with continued DII flows. With no major OFS or IPOs absorbing liquidity, markets are benefiting from these flows. However, last week we saw falls in both leading and broader indices in India. This was despite positive numbers from both FPIs and DIIs. This points to outflows from prop desks and HNI segments on the back of the heightened geopolitical tensions on the Indian subcontinent". On the earnings front, a number of important companies are scheduled to announce their fourth-quarter and full financial year results today. These include UltraTech Cement, Indian Railway Finance Corporation, Adani Green Energy Limited, TVS Motor Company, IDBI Bank, Adani Total Gas, Oberoi Realty, Hexaware Technologies, Nippon Life India Asset Management, and UCO Bank. The results will be closely watched by investors for further market direction. Globally, attention is on the United States, where President Trump will complete 100 days in office on April 30. Since his inauguration on January 20, U.S. markets have declined by over 9 per cent. While tariff uncertainties are already factored in, any trade deal with China could still take time to materialize, adding to global market jitters. Key data releases from the U.S. this week include April jobs growth numbers, first quarter GDP, and the PCE index of inflation, all of which are expected to be major market movers. "Investors grew cautious, leading to the Nifty falling below 24,200, as escalating India-Pakistan tensions after the Pahalgam terror attack unsettled the market. Currently, the Nifty is hovering near support; a breakdown below 23800 would indicate a continuation of the downtrend. However, as it is currently standing above 24000, further upward movement could be identified. Technically, with the price trading above all key moving averages, an uptrend in the sector is signaled" said Sunil Gurjar, SEBI-registered research analyst and founder of Alphamojo Financial Services. In other Asian markets today, Japan's Nikkei 225 gained 0.44 per cent, Taiwan's Weighted Index rose by 0.62 per cent, and South Korea's KOSPI stayed flat but in the green. However, Hong Kong's Hang Seng index slipped slightly by 0.13 per cent at the time of filing this report. (ANI)
|
