Stock Market Opens Flat; Sensex Gains Slightly, Nifty Holds Steady
In the previous trading session on Wednesday, Indian equity markets ended lower, breaking their recent winning streak as investors locked in profits across major sectors
Indian equity markets opened on a cautious note on Thursday. The BSE Sensex edged up 79.31 points or 0.09 per cent to 83,615.39 in early trade, reflecting mild positive momentum. Meanwhile, the NSE Nifty50 was almost flat, dipping marginally by 0.45 points to 25,475.65. Mixed global cues and investor indecision kept early gains in check as traders awaited fresh domestic and international triggers. Around 8 stocks advanced, 1 declined, while 3,975 remained unchanged in early trade.
Among the top gainers on the Nifty were Tata Steel, Shriram Finance, Power Grid Corporation, Axis Bank, and Bajaj Finance. On the flip side, major laggards included Dr. Reddy's Laboratories, Wipro, Cipla, Tata Motors, and TCS.
Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that the market is expected to remain within the narrow range it has been trading in for over a month, with no immediate signs of a breakout.
"Resilience of the global markets and sustained fund flows into Indian markets have the potential to support the market at the bottom end of the range. A clear break out of the upper range of Nifty 25500 may happen on positive news of a trade deal between US and India. But this is partly discounted by the market and, therefore, will not be sufficient to sustain the rally well beyond Nifty 25500," he added.
As the earnings season begins today, markets are likely to witness increased stock-specific movements driven by corporate results. Expectations from the IT sector remain muted overall, but midcap IT companies are anticipated to deliver strong performance and upbeat commentary.
Previous Trading Session
In the previous trading session on Wednesday, Indian equity markets ended lower, breaking their recent winning streak as investors locked in profits across major sectors. The BSE Sensex dropped 176.30 points, or 0.21 per cent, closing at 83,536.21. Similarly, the NSE Nifty50 fell 58.15 points, or 0.23 per cent, to finish at 25,464.35. Market sentiment was dampened by weak global cues and targeted selling in heavyweight stocks throughout the session.
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