Indian stock markets opened on a flat note Thursday, as the ongoing tug-of-war between Foreign Institutional Investors (FIIs) selling and Domestic Institutional Investors (DIIs) buying continued to influence trends.
The Nifty 50 index began the session with a slight gain of 0.22%, or 56.10 points, standing at 25,027.40 points, while the BSE Sensex index opened with a 0.31% rise, gaining 256.71 points to reach 81,758.07 points.
Ajay Bagga, Banking and Market Expert said, “US markets remain in a “See No Downside, Hear No Downside and Fear No Downside ” Mode. In India, we are expecting pre Diwali cheer to catch up with the markets, albeit a little late. We are moving into the last two weeks before the Diwali spending surge in India and before the US Presidential Election of November 5th.
Historically, US markets decline in the month before the Presidential Election and then recover post the declaration of the results. We expect these two factors to help the Indian markets going ahead”.
On the National Stock Exchange (NSE), sectoral indices opened mostly in positive territory, except for Nifty Auto and Nifty Realty. Nifty IT led the gains with a 0.53% increase in the opening session. In the Nifty 50 list, 25 stocks gained, while 25 saw a decline at the start of trading.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said that consolidation around the Nifty 25,000 level is expected to continue due to FII selling and DII buying. He also expressed concern over the renewed outperformance of small-cap stocks driven by liquidity.
In today’s quarterly results, major companies such as Infosys, Axis Bank, Wipro, Nestle India, Polycab, Havells, Jindal Stainless, and Tata Communications are set to announce their Q2 FY25 financial results.
Across Asia, markets displayed mixed trends. Hong Kong and Singapore indices gained over 1%, while Japan’s Nikkei index fell by 0.60%. South Korea’s KOSPI index remained flat at the time of this report.
(ANI)