Indian stock markets opened flat on Thursday as FII selling once again got countered by DII buying on Thursday. The Nifty 50 index started the day with a gain of 0.22% at 25,027.40 points, up 56.10 points. BSE Sensex also opened in green as it went up 0.31% or 256.71 points to open at 81,758.07 points.
Ajay Bagga, a banking and market expert, told that US markets are in a “See No Downside, Hear No Downside, and Fear No Downside” mode presently. He further added, “In India, we expect pre-Diwali optimism to lift the markets though that might be a bit late. We are now into the last two weeks before Diwali spending starts in India. And also before the US Presidential Election on November 5. Traditionally, US markets tend to fall in the month prior to the election and bounce after the announcement of the results. We expect the two factors to help the Indian markets henceforth.”
Back home, all the sectoral indices in the NSE, except Nifty Auto and Nifty Realty began the session in the green. The winning streak was led by Nifty IT as the sector surged 0.53% in the early session.
Half of the Nifty 50 shares opened in the green, while the remaining half were in the red. Today is the last day for the Initial Public Offering – IPO of Hyundai Motor India, which subscribed 42% on the second day of bidding on October 16.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “In India, we expect the consolidation to continue around the Nifty 25,000 level with FII selling and DII buying canceling each other out. The rally in small caps, led by liquidity, is once again turning out to be a cause of concern.”
Major companies like Infosys, Axis Bank, Wipro, Nestle India, Polycab, Havells, Jindal Stainless. And Tata Communications will declare Q2 FY25 earnings. Elsewhere in Asia, the markets were trading mixed. Hong Kong and Singapore indices surged upwards by over 1% whereas the Nikkei slid by 0.60% in Japan. Whereas, the KOSPI index in South Korea was trading flat when filing this report.
On the whole, analysts remain optimistic about festivals like Diwali. And forthcoming political events will help the Indian bourses in the short term.
ANI
