NEW DELHI: Indian stock markets opened flat on Wednesday as the indices started settling on the gains made in the last seven trading sessions. However, FPI inflows continue.
The Nifty 50 index opened at 23,700.95 with a gain of 32.30 points or 0.14 per cent, while the BSE Sensex opened almost flat at 78,021.45 points.
Experts highlighted that markets have factored in widespread disruption on April 2, which provides some positives for investors, as the reality could be less grim than discounted into sentiment and prices. “Cautiously optimistic” is the mood of the current situation.
Ajay Bagga Banking and Market Expert said, “Indian markets are seeing strong FPI cash market buying for the past few days, but the markets gave up their smart gains yesterday by the end of the day. April 2nd is not a single date when all tariff’s clarity will come in, but it represents the organised chaos and upending of 80 years of an economic system that Trump 2.0 represents. As we are within a week of April 2nd, uncertainty and volatility will rise, but markets may move to what expert sportsmen do, “watch the actual move, ignore the feints of the opponent”.
In the sectoral indices, Nifty PSU Bank and Nifty Media opened in red, while other indices opened with gains. Nifty Auto was up by 0.18 per cent, while Nifty FMCG gained 0.18 per cent. Nifty IT remained flat at 0.03 per cent.
The top gainers in Nifty 50 include Power Grid, Mahindra & Mahindra, and Grasim, while the top losers include Ultratech Cement, Maruti, and Infosys at the time of filing this report.
Experts also stated that the countdown to April 2 is being watched closely by the markets. “Flying blind into uncertainty” is an apt descriptor of investor sentiment. On April 2nd Trump will announce new tariffs which will further decide the market movements.
Akshay Chinchalkar, Head of Research, Axis Securities said, “The nifty ended up for the seventh day yesterday but not before giving up most of its intraday gains. Additionally, the drop in the small and midcap benchmarks was more notable and each of them traced clear bearish formations. Yesterday’s highs will be pivotal from here. On the downside, a drop below 23402 will flip the near- term bias into the bear camp”.
In other Asian stocks, all major indices were trading in the green at the time of filing this report. Japan’s Nikkei 225 index gained 0.29 per cent, the Hang Seng index was up by 0.34 per cent, Taiwan Weighted was up by 0.13 per cent, while South Korea’s KOSPI index surged 0.66 per cent. (ANI)
