Mumbai (Maharashtra) [India], January 10 (ANI): The Indian stock markets opened flat on Friday as the bear and bull gang tussle continues, with bears on edge.
The Nifty 50 index opened at 23,552.40 points with a gain of 25.90 points or 0.11 per cent, while the BSE Sensex surged by 61.79 points or 0.08 per cent to open at 77,682 points.
Experts noted that the market situation is more into risk than encouraging, as the challenges of weak earnings continue along with slower growth in the country. However, the upcoming Union Budget 2025 on February 1st and monetary policy easing could provide support.
Ajay Bagga Banking and Market expert told ANI “With global and domestic situation being more “risk off” then encouraging, markets are in a slow grind downwards mode. We remain cautious and see further falls unless some fiscal action happens at the Union Budget 2025 on February 1st and monetary policy easing is undertaken promptly”.
He further added “The causes of Indian market weakness, from a slowing economy to muted corporate earnings growth, from continuous FPI outflows to selling by Promoters and PE funds, from lack of strong fiscal impulses to an overtight monetary policy stance, all these stay in place for now”.
In the quarter 3 earnings results today, Just Dial, PCBL, Equinox India Development, and others are set to announce their financial results for Q3.
In the sectoral indices, Nifty IT rallied more than 2.65 per cent in the opening session after the TCS results yesterday showed TCS registered 12 percent profit growth in the Oct-Dec quarter, with revenue up 5.6 percent. The other sectoral indices, including Nifty BANK, Nifty Auto, and Nifty Media, all remained under pressure and opened in red.
In the Nifty 50 share list, 17 stocks opened in green, while 33 stocks started the session with a decline, and 1 remained unchanged. TCS opened as the top gainer with a surge of 4.20 percent, followed by Tech Mahindra, Wipro, Infosys, and HCL Tech. The top losers in the opening session include Shriram Finance, IndusInd Bank, Hindalco, BEL, and NTPC.
“Yesterday’s candle has traced a so-called “tweezer bottom” which shows how important support at 23500 is. Still, with the index closing below 23583, bears clearly have the initiative now and that means resistance at 23821 becomes a key upside hurdle. Bears in the meantime, will target the 23238 – 23355 zone as long as this resistance level is protected” said Akshay Chinchalkar, Head of Research, Axis Securities.
In the other Asian markets, muted movement was observed except for Singapore’s Straits Times, which declined by more than 1.63 per cent. Japan’s Nikkei 225 was down by 0.49 per cent, Hong Kong’s Hang Seng index was down by 0.22 per cent, and Taiwan Weighted was in red with a decline of 0.03 per cent.
South Korea’s index was in green with a marginal gain of 0.10 per cent. Indonesia’s Jakarta Composite was also up by 0.56 per cent at the time of filing this report. (ANI)
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