Stock Markets Open On A Weaker Note, Sensex Gains Over 141 Points, Nifty Falls Over 20 Points
During the pre-open session at around 9:02 AM the Sensex traded above 84,600 or over 141 points higher and the Nifty was trading at 24,845 or 30 points lower.
The Indian benchmark indices on Thursday morning opened on a weaker note as the Sensex started trading at 84,515.33 or 48 points higher and the Nifty opened above 25,847 or 28 points lower.
In the 30-share BSE Sensex, among the top gainers were stocks like Asian Paints, Tata Steel, ICICI Bank, Bajaj Finserv and PowerGrid. Meanwhile, the laggards included stocks like Maruti, Titan, Hindustan Unilever, HCLTech and Axis Bank.
Later during mid-day both the indices quoted flat.
During the pre-open session at around 9:02 AM the Sensex traded above 84,600 or over 141 points higher and the Nifty was trading at 24,845 or 30 points lower.
The Gift Nifty was also trading at nearly 26,000 at 8:50 AM or 19 points higher.
In the previous session the Indian markets ended with sharp gains backed by strong buying in IT stocks as well as consumer durables.
What Do Experts Say?
Equity markets opened on a cautious note on Thursday, with the Sensex starting higher while the Nifty edged lower in early trade. The broader sentiment remained subdued as investors awaited fresh cues to drive the indices to new record highs.
According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, “The market needs more triggers to take it to new record highs. With the outcome of the Bihar polls largely discounted by the market, there are no political triggers that can push the market significantly higher. The reverse might happen if the actual poll results turn out to be different from the exit polls.”
Vijayakumar highlighted that upcoming economic developments could influence near-term market direction. “The important economic factors that have to be watched for is a possible India-US trade deal removing the penal tariffs and reducing the reciprocal tariffs,” he said. He added that the recent decline in October retail inflation to 0.25 per cent indicates a potential rate cut by the Monetary Policy Committee (MPC) in December.
However, he cautioned that “the monetary policy transmission turning weak has become a challenge for the RBI.” In the near term, markets are expected to consolidate and react to triggers as they emerge. “Positive triggers happening simultaneously can lead to short-covering pushing the market sharply up. But sustained uptrend would be challenging given the FII selling and elevated valuations,” Vijayakumar added.
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