The Indian stock market opened on a cautious note on Thursday, with the Sensex rising by 70.75 points to 74,100.51, while the Nifty slipped by 2.00 points to 22,468.50. Market sentiment remained mixed as investors reacted to global and domestic economic cues.
Among Nifty-listed companies, 18 stocks advanced, 31 declined, and one remained unchanged. ONGC, BEL, Tata Steel, IndusInd Bank, and Power Grid were the top gainers, while Sriram Finance, M&M, Bajaj Auto, Eicher Motors, and Adani Ports were the top losers in early trading.
Banking and market expert Ajay Bagga highlighted global factors influencing market movements. He stated, “The US CPI came in lower than expected, providing a small upside to US stock markets, which are already down 3% for the week. The market is balancing between an oversold US market experiencing a technical bounce and investors withdrawing money from risk assets. The Trump tariffs are not finalized yet, and with Canada, China, and the EU retaliating with tariffs on specific US exports, the brewing trade war poses further risks.”
Bagga also pointed to domestic economic indicators, noting that Indian inflation had eased due to lower food prices, while the Index of Industrial Production (IIP) had exceeded estimates. He remarked, “The outlook remains range-bound. With a long weekend ahead, positions in India will likely be cut by the afternoon. Many foreign brokerages are turning positive on Indian markets, making this a good time to start small, regular allocations. A market bottom will likely form in the new financial year.”
Akshay Chinchalkar, Head of Research at Axis Securities, analyzed technical trends, stating, “The Nifty recovered from its intraday drop but failed to close in positive territory yesterday. It still formed a daily candle with a long lower shadow, indicating strong downside demand. The support zone between 22,245 and 22,330 is crucial, while resistance remains at 22,677, the Monday shooting star high, and further between 22,720 and 22,798. Bulls continue to have a slight advantage.”
-ANI
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