Stock Market Opens Lower; Sensex flat, Nifty Tests 24,800
Among the top gainers on the Nifty were Titan Company, Trent, Maruti Suzuki, Asian Paints, and Hero MotoCorp. On the downside, TCS, Tech M, ICICI Bank, ONGC, and Bajaj Finserv led the list of losers
Amid mixed global signals, Indian equity benchmarks opened slightly lower on Thursday. The Sensex slipped 148.27 points, or 0.18 per cent, to 81,296.39, while the Nifty declined 39.50 points, or 0.16 per cent, to 24,772.55. Market breadth was nearly balanced in early trade, with 143 stocks advancing, 129 declining, and 24 remaining unchanged.
Among the top gainers on the Nifty were Titan Company, Trent, Maruti Suzuki, Asian Paints, and Hero MotoCorp. On the downside, TCS, Tech Mahindra, ICICI Bank, ONGC, and Bajaj Finserv led the list of losers.
Previous Trading Session Update
In the previous trading session on Wednesday, stock markets closed on a muted note, surrendering early gains to end slightly lower due to weakness in key sectors. The Nifty slipped below the 24,850 level, while the Sensex also posted modest losses. By the close, the Sensex had dropped 138.64 points, or 0.17 per cent, to finish at 81,444.66. The Nifty50 fell 41.35 points, or 0.17 per cent, to end at 24,812.05. Market sentiment remained weak, with 1,486 stocks advancing, 2,342 declining, and 131 remaining unchanged.
Expert Comment
VK Vijayakumar, Chief Investment Strategist, Geojit Investments, noted, "The 24500-25000 range for the Nifty is likely to hold till news from the Israel-Iran conflict change for the better or for the worse. If news of deescalation of tensions break, Nifty will break out of the upper band of the range. If the news is about escalation of tensions, particularly relating to troubles in the strait of Hormuz resulting in sharp spike in crude, it would be difficult for Nifty to hold on to the 24500 support level. So watch out for the developments in West Asia."
"The Fed decision and commentary have come on expected lines. Jerome Powell’s comment that “ despite heightened uncertainty the economy is in solid position “ is important. However, he has warned that “tariff effects on inflation can be persistent”. Therefore, it would be realistic not to expect rate cuts from the Fed immediately. The dot plot, however, indicates two rate cuts in 2025. With only 1.4% GDP growth expected this year, the US is unlikely to attract a lot of capital flows. This is favourable for India. But since Indian market valuations remain a concern, sustained rally will happen only when we get indications of sustained earnings growth, which is some time away," he added.
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