Indian stock markets opened flat on Thursday, reversing the downward trend seen on Wednesday, as investors remained cautious ahead of the outcome of Prime Minister Narendra Modi’s discussions with US President Donald Trump on trade and tariffs during his US visit.
The Nifty 50 index opened at 23,055.75 points, gaining 10.50 points or 0.05%, while the BSE Sensex started at 76,201.10, rising 30.02 points or 0.04%.
Sectoral indices on the NSE saw mixed performance. While Nifty Bank, Nifty FMCG, and Nifty Metal experienced slight declines, most other indices posted marginal gains.
Market experts noted that investors are waiting for any potential trade agreements from PM Modi’s visit to the US. A recent phone conversation between President Trump and Russian President Putin was seen to improve market sentiment. However, Indian stocks are still facing pressure due to continued Foreign Institutional Investor (FII) selling.
Ajay Bagga, Banking and Market Expert, shared his insights with ANI: “Prime Minister Modi’s visit to the US follows a successful trip to France, and his talks with President Trump are expected to result in agreements on trade, energy, and defense, further strengthening bilateral ties. However, Indian markets remain under pressure due to persistent FPI selling. That said, an impending Russia-Ukraine peace deal could lead to increased oil and gas supplies, lower prices, and improved global sentiment. Markets will continue to be in a wait-and-watch mode as the outcomes of the Modi-Trump summit and the Ukraine-Russia Munich conference unfold.”
On the Nifty 50 index, 28 stocks opened in the green, while 21 stocks declined, and one remained unchanged. Among the top gainers were CIPLA and Kotak Mahindra Bank, while Titan and Eicher Motors were among the biggest losers.
Kotak Bank saw a sharp rise in its shares after the Reserve Bank of India lifted restrictions it had placed on the bank in April 2024. This move allows Kotak to onboard new customers via online and mobile banking channels and issue new credit cards.
“Although the Nifty ended lower for the sixth consecutive day, it was aggressively bought around the 22,800 level, where the rising trendline from the COVID era intersects. The strong buying around the 22,700-22,800 zone signals a pivotal support level moving forward, with resistance seen in the 23,155-23,293 range,” said Akshay Chinchalkar, Head of Research at Axis Securities.
Several major companies are set to announce their third-quarter financial results today, including Hindalco Industries, United Breweries, Ipca Laboratories, SJVN, Deepak Nitrite, Godfrey Phillips India, ITI, Concord Biotech, Carborundum Universal, Grindwell Norton, KIOCL, and Afcons Infrastructure.
Meanwhile, other Asian markets rallied on Thursday, with Japan’s Nikkei rising by more than 1.3%, Hong Kong’s Hang Seng gaining 1%, Taiwan’s Weighted index up 0.36%, and South Korea’s KOSPI jumping 0.86%. Singapore’s market, however, remained under pressure, dipping 0.05%.
