|
Indian stock markets opened on a cautious note on Thursday, taking a breather after a strong rally witnessed earlier in the week.
The Nifty 50 index opened flat at 24,694.45, gaining 27.55 points or 0.11 per cent, while the BSE Sensex began the session at 81,354.43 with a modest rise of 23.87 points or 0.03 per cent. Market participants noted that the inflows from Foreign Portfolio Investors (FPIs), which had supported the recent uptrend, appear to be reversing. Analysts attribute this shift to evolving global sentiments, especially amid concerns surrounding the US-China trade deal. Experts suggested that the markets may now lean towards a "Sell India, Buy China" trend in the near term, though some consolidation could be seen in the short run. Ajay Bagga Banking and Market Expert, told ANI, "Markets have had a good run this week with US China trade deal and then softer than estimated US CPI leading to a sharp recovery in the US markets. This got translated into a global risk on rally. That seems to be running out of steam for now with the hunt on for new catalysts in the form of US tax cuts package or passage of the US debt ceiling legislation. He added, "Markets are looking a tad tired today with Asian markets opening lower and European futures also mildly lower. India should see a positive open but the heavy lifting is being done by Indian retailers rather than the FPIs or DIIs. The Net short position of FPIs reduced slightly." On the sectoral front, performance was mixed. At the time of filing this report, all sectoral indices except Pharma and PSU Bank shares were trading in the green. The Nifty PSU Bank index surged by 0.26 per cent, while Nifty Auto shares remained flat but in positive territory. In terms of individual stocks, the Nifty 50 index saw JSW Steel, Tata Motors, and Hero MotoCorp emerging as the top gainers during early trade. On the flip side, IndusInd Bank, Dr. Reddy's Laboratories, and ONGC opened as the top losers on the index. Investors are also closely watching the quarterly earnings for the financial year ended March 2025, with several key companies scheduled to release their fourth-quarter results today. These include JSW Energy, PB Fintech, Patanjali Foods, Abbott India, Tube Investments of India Ltd, Page Industries, Godfrey Phillips India, Cochin Shipyard, ITC Hotels, Kaynes Technology India, Godrej Industries, and LIC Housing Finance. Meanwhile, other major Asian markets were under pressure. Japan's Nikkei 225 was down by 1.12 per cent, South Korea's KOSPI fell by 0.32 per cent, and Hong Kong's Hang Seng index declined by 0.17 per cent. Taiwan's Weighted Index remained flat with a slight gain of 0.06 per cent, while Indonesia's Jakarta Composite surged by 1.2 per cent at the time of this report. (ANI)
|
