Mumbai (Maharashtra) [India], August 11 (ANI): The Indian stock market opened virtually flat on Monday as traders stayed cautious forward of the extremely anticipated assembly between US President Donald Trump and Russian President Vladimir Putin scheduled for the weekend.
The Nifty 50 index started the session at 24,371.50, posting a marginal achieve of 8.20 factors or 0.03 per cent, whereas the BSE Sensex opened at 79,885.36, up by 27.57 factors or 0.03 per cent.
Market members are carefully awaiting any developments from the assembly to evaluate potential tariff strikes by Trump on India.
Ajay Bagga, Banking and Market Expert, instructed ANI, ‘Truce, Tariffs and Truncated week are the drivers this week. Expect a truce announcement this weekend as Trump meets Putin in Alaska. Tariffs are at entrance and centre as China’s deadline looms tonight, with an extra extension possible. Independence Day on Friday will carry a four-day market week and a three-day lengthy weekend, with the opportunity of a Ukraine-Russia truce in the course of the break. Expect risky markets with no constructive catalyst for Indian markets for now. The authorities has not introduced any aid measures for exporters hit with Trump Tariffs, which may very well be a set off to enhance sentiments. For now, we’re shallow strikes with potential for a restoration by the weekend.’
In the broader NSE market indices, Nifty 100 rose by 0.04 per cent, whereas Nifty Midcap 100 and Nifty Smallcap 100 opened decrease.
Among sectoral indices, Nifty Auto gained 0.22 per cent, Nifty Metal was up 0.07 per cent, and Nifty Realty rose 0.13 per cent. On the draw back, Nifty IT and Nifty FMCG slipped round 0.09 per cent, Nifty Pharma edged down marginally, and Nifty Consumer Durables dropped 0.81 per cent.
Top gainers within the Nifty 50 in early commerce included Grasim, State Bank of India, Trent, NTPC, and Adani Enterprises. The prime losers had been ICICI Bank, Bharat Electronics (BEL), Tata Motors, Asian Paints, Adani Ports, and Tata Consumer Products.
On the company earnings entrance, Astral Limited, SJVN, Ipca Laboratories, BEML, Bata India, JM Financial, Travel Food Services, Embassy Developments, Cello World, Belrise, and Eureka Forbes are among the many firms scheduled to announce their first-quarter outcomes right now.
SEBI-registered analyst and Alphamojo Financial Services founder Sunil Gurjar famous, ‘The Nifty 50 didn’t carry out properly, closing down by 202 factors, indicating a powerful bearish development. This marks the Nifty’s sixth consecutive weekly decline, its longest dropping streak since March 2020. A breakdown under 24,650 would verify a continuation of the downtrend. The worth is presently hovering close to its 200-EMA, and a cross under this degree would sign extra downward momentum.’
He added that the Nifty 50 is nearing a vital help at 23,750, and a fall under this level may result in elevated adverse sentiment and additional draw back. However, if the index holds at this degree, a reversal can also be attainable.
In different Asian markets, Japan’s Nikkei 225 rose 1.82 per cent, Taiwan’s weighted index gained 0.30 per cent, and South Korea’s KOSPI was up 0.18 per cent. Singapore’s Straits Times and Hong Kong’s Hang Seng index had been buying and selling decrease on the time of submitting this report. (ANI)