Mumbai [Maharashtra] [India], December 13 (ANI): Indian stock markets continued the downward pattern on Friday amid weak international cues and a wait-and-watch mode earlier than the Fed charge minimize.
The Nifty 50 index opened at 24,498.35 factors with a decline of fifty.35 factors or 0.21 per cent, whereas the BSE Sensex index opened at 81,212.45 factors with a dip of 77.51 factors or 0.10 per cent.
Experts famous that Indian markets proceed to consolidate amid weak international cues and forward of the Fed charge bulletins. However, Indian markets might witness a rally throughout the pre-budget section in railway, protection, and different shares.
Ajay Bagga, Banking and Market Expert acknowledged “Weak global cues are an overhang on the Indian markets today. There is little faith in the frequent Chinese stimulus announcements which have been underwhelming in terms of real impact. Indian markets are continuing their range bound, consolidating mode. We expect that to continue till the Fed rate cut event is out of the way. Post that we could see a pre-Budget rally set in Railways, Defence, Industrials, IT and Financials are the strong spots going into the year end”.
In the sectoral indices on NSE, all main sectors declined, whereas the Nifty Oil and Gas and Nifty Realty gained throughout the opening session.
In the Nifty 50 checklist, 14 shares gained whereas 36 shares declined. Eicher Motors, BPCL, Adani Enterprises, Nestle India, and ICICI Bank emerged as prime gainers on the opening, whereas Tata Steel, JSW Steel, and Hindalco opened as the highest losers in Nifty 50.
“The index is now sitting inside the 50- and the 100-day averages, with the former expected to offer support around 24430, a level that sits inside critical support that spans the 24360 and 24445 zone. Immediate support lies at 24500, which bulls will need to protect at least on a closing basis” stated Akshay Chinchalkar, Head of Research, Axis Securities.
In different Asian markets, Japan’s Nikkei 225 index declined by 1.24 p.c, Hong Kong’s Hang Seng index was down by 1.46 p.c, Taiwan’s Weighted Index was up marginally by 0.18 p.c, and South Korea’s market remained within the inexperienced, displaying combined developments in Asian markets. (ANI)