Indian stocks market did not rest as a fresh amount of selling pressure gripped bourses after the rally on Muhurat trading day. The Nifty 50 and Sensex opened lower on Monday, signaling a cautious mood on the bourses.
The Nifty 50 opened 11 points up, 0.05 percent, at 24,315.75 points. The BSE Sensex also slipped 10 points, or 0.01 percent, down at 79,713 points. However, both were seen drifting lower for most of the early session.
Global stock markets are expected to be more volatile this week with the result of a host of key events. According to Ajay Bagga, a noted banking and market analyst, four important parameters are in store that are dictating market trends. First, due is the US Presidential Election on Tuesday, November 5, which may lead to a shift in market sentiment. Then, there is the Federal Reserve meeting on Wednesday and Thursday where the analysts expect a 25 bps rate cut.
Moreover, OPEC+ decided not to increase oil production as planned, due to slow demand. This may further alter oil prices and, thus, market dynamics. Lastly, Warren Buffett has increased his cash position at Berkshire Hathaway to a record USD 325 billion, hence indicating that he is expecting a correction in US markets. His lesser share buybacks also reflect his caution.
Analysts would also advise investors, with such developments, to stay cautious and off the sidelines. This week may be more turbulent than usual, and investors need to be very cautious about the market.
The Nifty IT index fell 0.57 percent, while all other indices were up during the morning session on the National Stock Exchange. In the Nifty 50 stock list, only nine shares opened upward, while the rest 41 stocks recorded losses. Mahindra & Mahindra was at the top among the gainers which rose 3 percent. Other top gainers included Cipla, Tech Mahindra, and HCL Tech. In contrast, Sun Pharma, Bajaj Auto, Infosys, and Adani Ports were the top losers.
Moreover, a host of companies declare their quarterly results today. Indian Railway Finance Corp, IRCTC, Exide Industries, Raymond, Sundaram Finance, and ABB India declare Q2FY2025 results.
This compares to a rise of 1.49 percent in the KOSPI index of South Korea, leading regional gains in other Asian markets. Elsewhere, the Nikkei closed for a cultural holiday, while Hong Kong’s Hang Seng gained 0.16 percent and Taiwan’s Weighted rose by 0.23 percent.
ANI
