The Indian stock market opened on an uncertain note on Thursday, with the Sensex rising by 70.75 points to open at 74,100.51, while the Nifty slipped by 2.00 points, starting at 22,468.50. Market sentiment remained mixed as investors reacted to global and domestic economic cues.
Among Nifty companies, 18 stocks advanced, while 31 declined, and one remained unchanged. ONGC, BEL, Tata Steel, IndusInd Bank, and Power Grid emerged as the top gainers, while Sriram Finance, M&M, Bajaj Auto, Eicher Motors, and Adani Ports were the top losers in early trading.
Ajay Bagga, a banking and market expert, pointed to global factors influencing the market. He said, “The US CPI came lower than expected, giving a small upside to the US stock markets, which are down 3 per cent for the week already. It was a balancing act between oversold US markets seeing a technical bounce and worried investors taking money off the table from risk assets. The Trump Tariffs are not done yet, and with Canada, China and the EU retaliating with tariffs on specific segments of US exports, the brewing trade war risks becoming a shooting war.”
He added, “Indian CPI also fell on the back of lower food item prices. The IIP number also came in higher than estimated. The outlook is a range-based market. With a long weekend coming up, positions will be cut in India by the afternoon. Many foreign brokerages are turning positive on Indian markets and this is a good time to start some small allocations on a regular basis. A bottom will probably be made in the new financial year.”
On the domestic front, Indian inflation eased due to lower food prices, and the Index of Industrial Production (IIP) exceeded estimates.
Akshay Chinchalkar, Head of Research at Axis Securities, said, “The nifty recovered from its intraday drop but could not finish the day in the green yesterday — it still generated a daily candle with a long lower shadow. This means that downside demand is potent, and the support area between 22245 – 22330 is pivotal. Resistance to overcome remains at 22677, which is the Monday shooting star high, and beyond that, inside the 22720 – 22798 area. Bulls continue to have a slight edge.”
As the day progresses, investors will closely watch global developments and domestic economic indicators to gauge market direction. (ANI)
