Indian stock markets opened with marginal gains today as selling pressure eased and foreign investors continued buying. The Nifty 50 index began trading at 24,539.15 points, rising by 71.70 points or 0.29 percent. The BSE Sensex opened at 81,182.74 points, gaining 226.41 points or 0.28 percent.
The markets are closely monitoring the ongoing Monetary Policy Committee (MPC) meeting in Mumbai. Experts indicate that the likelihood of a rate cut is low. However, any change in the Reserve Bank of India’s (RBI) policy stance amid a weakening economy may influence market movements.
Ajay Bagga, a banking and market expert, said that the RBI faces the dual challenge of addressing inflation and a slowing economy. He explained that sustained high real interest rates have dampened aggregate demand, impacting urban consumption more than anticipated. This, combined with reduced government expenditure during the four months from mid-March to July, has contributed to the economic slowdown.
Within the Nifty 50, 23 stocks gained, 26 declined, and 1 remained unchanged at the time of reporting. Sectorally, indices such as Nifty FMCG, IT, Consumer Durables, and Oil & Gas saw gains, while others declined. Foreign investors purchased equities worth ₹1,797 crore on Thursday.
Akshay Chinchalkar, Head of Research at Axis Securities, highlighted a positive market signal, noting that if the index holds above the support range of 24,240-24,300, it may target 24,800. A drop below 24,240 may require reassessment of the market outlook.
In Asia, Japan’s Nikkei 225 rose by 0.54 percent, Taiwan’s Weighted Index increased by 0.36 percent, while Hong Kong’s Hang Seng index fell by 1.14 percent. South Korea’s KOSPI index remained nearly unchanged.
In the US, indices maintained upward momentum. The S&P 500 rose by 0.61 percent, and the Nasdaq gained 1.29 percent.
(ani)