Opening Bell: Indian Stock Makets In Red Amid Mixed Global Cues

The decrease at the start of trading indicated a change from the optimistic mood seen in previous sessions.
Opening Bell: Indian Stock Makets In Red Amid Mixed Global Cues
Opening Bell: Indian Stock Makets In Red Amid Mixed Global CuesREPRESENTATIVE

The stock market started with a decline, reversing the gains seen in the previous trading session on Tuesday.

The Sensex, India's main stock index, started trading with a 165.44-point drop at 72,548.72, while the Nifty 50 index, representing the top 50 companies on the National Stock Exchange of India, opened 45.40 points lower at 22,061.00.

The decrease at the start of trading indicated a change from the optimistic mood seen in previous sessions.

Within the Nifty companies, 17 showed advancement while 33 experienced declines. Kotak Bank, Power Grid, Apollo Hospitals, UPL, and Dr. Reddy were notable gainers, whereas Eicher Motors, Hero Motocorp, Bajaj Auto, M&M, and HDFC Life were among the top losers.

Despite the initial drop, analysts expect minimal fluctuations in the Indian stock market indicators today, driven by a combination of global signals. The Gift Nifty trends also suggested a quiet beginning for the main Indian benchmark index.

In the last trading session, the local stock market indices continued to rise for the fifth day in a row, and the Nifty reached a new all-time high during the day.

The Sensex ended at 72,708.16, gaining 281.52 points, and the Nifty 50 closed at 22,122.25, increasing by 81.55 points or 0.37 per cent.

Varun Aggarwal, founder and managing director, Profit Idea said, "Technical analysis of the Nifty 50 revealed a small positive candle on the daily chart, resembling a high wave or doji pattern. This pattern, combined with the proximity to key overhead resistance levels, suggests a potential consolidation or minor pullback in the near term. Despite the recent positive trend, the market currently exhibits a lack of strength for a definitive upside breakout beyond the resistance at 22,150 - 22,200 levels".

In the realm of derivatives, the greatest Open Interest (OI) for call options was seen at strike prices of 22,500 and 22,600, whereas the highest OI for put options was at the 22,000 strike price.

In the meantime, Asian stocks stayed low, as MSCI's wide-ranging index of Asia-Pacific stocks excluding Japan dropped by 0.1 percent from its January high. South Korean stocks also saw a 1 per cent decrease.

In the United States, there was a slight increase in Treasury yields, while S&P 500 futures decreased by 0.2 per cent. The expectations for rate cuts in the U.S. have diminished after strong reports on producer and consumer prices.

In the future, economic signals are predicted to influence market attitudes, amidst continuing geopolitical conflicts and increasing demand in China. This is anticipated to maintain oil prices at a steady level close to the three-week peak.

Opening Bell: Indian Stock Makets In Red Amid Mixed Global Cues
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