|
Indian stock markets opened on a cautious note on Monday, with investors awaiting a positive outcome from the US-Russia meeting scheduled for this weekend.
The Nifty 50 index started the day at 24,563.35, slipping 21.70 points or 0.09 per cent, while the BSE Sensex opened at 80,508.51, down 95.57 points or 0.12 per cent. Experts said market volatility remains high, but participants are closely watching the next move by US President Donald Trump and hoping for relief from tariffs on India. Ajay Bagga, Banking and Market Expert, told ANI that Indian markets are waiting for relief from the punitive 50 per cent tariffs set to take effect on August 27. "Clearly, Russian oil was not an issue, as China buys more of it. India has unfortunately, got singled out and now it is seeming more a Trump Tantrum issue than statecraft. One can only hope that continued negotiations will yield some positive outcome for India," he said. Bagga added that "Truce, Tariffs and Truncated Week" remain key drivers for the markets. On the truce front, Ukraine is in touch with various countries, including India, raising hopes of a positive outcome this Friday. Regarding tariffs, the US has announced a further 90-day extension on the China-US trade deal and removed tariffs on gold, both viewed as positives for the market. In the broader market indices, the Nifty 100 was down 0.09 per cent, while the Nifty Midcap 100 rose 0.12 per cent and the Nifty Smallcap 100 gained 0.36 per cent. Among sectoral indices on the NSE, Nifty Auto advanced 0.24 per cent, Nifty FMCG was up 0.09 per cent, Nifty IT rose 0.10 per cent, Nifty Media jumped 0.87 per cent, Nifty Metal gained 0.15 per cent and Nifty Pharma added 0.15 per cent. Meanwhile, AMFI data released on Monday showed continued strong inflows into equity mutual funds in July. Domestic flows have absorbed selling by foreign portfolio investors (FPIs) and promoters, and experts believe that as such selling pressure eases, domestic flow momentum should push Indian markets higher. India's Consumer Price Index (CPI) data is also due today and is expected to remain well below the Reserve Bank of India's targets. According to SBI Securities, in the first trading session of the week, the benchmark Nifty posted a gain of 0.91 per cent, closing near the 24,600 mark. However, for the pullback rally to sustain, a decisive follow-up move is needed. The 24,700-24,740 range will act as a key hurdle, and any sustained move above 24,740 could extend the rally to 24,900. In other Asian markets, a mixed trend was seen, with Japan's Nikkei 225 and South Korea's KOSPI index trading higher, while Singapore's Straits Times and Hong Kong's Hang Seng were in the red. Taiwan's weighted index was flat at the time of filing this report. (ANI)
|
