Indian benchmark indices, Sensex and Nifty, started on a cautious note on Tuesday following a five-day losing streak, with ongoing foreign investor sell-offs and weak global cues continuing to dampen sentiment.
At 10:06 am, Sensex was trading 251.48 points higher at 74,705.88, whereas Nifty was trading 45.05 points up at 22,598.40.
Experts highlighted that the domestic market’s weakness aligns with the global risk-off sentiment, as concerns over economic slowdown, rising inflation, and geopolitical tensions continue to weigh on investor confidence. The potential reimposition of “Trump Tariffs” in March and April adds another layer of uncertainty.
Ajay Bagga, Banking and market expert told ANI “Indian markets have little to cheer about with this bleak global scenario marked by huge risks along with some hopes kindled on the European geopolitical front. Actual imposition of Trump Tariffs over March and April could lead to slowing growth, higher inflation, jittery markets and a further flight to the safety of bonds and Gold”.
In the Nifty 50 index, a mixed trend was observed at the opening. Sectors like FMCG, IT, Metal, and Realty came under selling pressure, dragging the market down. However, Nifty Bank, Auto, and Media showed marginal gains, providing some support.
Market breadth leaned towards the bears, with 28 stocks in the Nifty 50 declining, while 22 stocks managed to open in the green.
Akshay Chinchalkar, Head of Research, Axis Securities said “The Nifty ended down for the fifth straight day, but surprisingly, so did the India VIX. The opening slump created a gap-down, the first such instance since 27th Jan, which then formed a local trough that led to a 4.5 per cent advance. That makes the gap area of 22720 critical, if we manage a daily close above this level, we could see a test of the next big hurdle area that lies between 23050 and 23280. If we don’t, next key support under 22500 lies at 22370.”
The subdued sentiment was not limited to Indian markets. Major Asian indices also struggled, with Japan’s Nikkei 225 plunging 1.12 per cent, Hong Kong’s Hang Seng index shedding 0.90 per cent, and Taiwan Weighted index slipping 1.06 per cent. South Korea’s KOSPI also declined by 0.38 per cent, reflecting concerns over slowing global growth and inflation risks.
Going forward, investors will closely monitor global developments, including geopolitical shifts in Europe and US trade policies. (ANI)
