Mumbai (Maharashtra) [India], February 4 (ANI): Indian stock markets opened on a powerful be aware on Tuesday, monitoring optimistic international cues after former U.S. President Donald Trump determined to pause tariff imposition for a month. Investors reacted positively to the event, resulting in positive aspects throughout main indices.
The Nifty 50 index opened at 23,509.90, marking a achieve of 148.85 factors (0.64 per cent), whereas the BSE Sensex surged 500.86 factors (0.65 per cent) to begin the session at 77,687.60.
Experts said that the non permanent halt on tariffs will assist the market recuperate from Monday’s losses. Additionally, buyers at the moment are shifting their focus to the Union Budget, which was beforehand overshadowed by commerce considerations.
Ajay Bagga Banking and Market Expert informed ANI “Indian market futures are indicating a positive opening. The positives of the Union Budget should help the markets. The other positive forecast is the Indian central bank, RBI may start a rate cut cycle on Friday, Feb 7th. Expect short covering to dominate today as markets try to take the US and Asian lead today and recover some lost ground”.
He additional said that “Trading on Trump Narratives is extremely harmful. From Currency markets to stock markets to commodities to even crypto assets, markets moved again on Monday night/Tuesday morning as Mexico and Canada obtained a 30-day respite from Trump Tariffs in return for upgrading their border controls, ramping up the fight against drug trafficking and agreeing to negotiate a new agreement”.
Most sectoral indices on the NSE had been within the inexperienced, aside from Nifty FMCG, which traded in unfavourable territory. Nifty Auto led the positive aspects with a 1.58 per cent surge, whereas Nifty PSU Bank jumped by greater than 1.72%, reflecting investor confidence within the banking sector.
Out of the 50 shares within the Nifty 50 index, 40 shares had been within the inexperienced, whereas 11 shares traded decrease on the time of reporting. The broader market sentiment remained upbeat, backed by enhancing international cues.
“The nifty ended in the red for the second day but not before staging a recovery from the day’s lows. Broader benchmarks underperformed, but the nifty’s long lower shadow showed that in the near-term, bulls remain in the game. Support spans the 23062 – 23200 zone, with near-term resistance seen in the 23386 – 23574 area with an extension near 23670. The index is still inside the falling channel originating from the 20th December lows, but yesterday’s drop held the 20-dma on a closing basis, so at least for now, bulls seem to have the edge” stated Akshay Chinchalkar, Head of Research, Axis Securities.
The optimistic momentum was not restricted to Indian markets, as Asian markets additionally witnessed robust positive aspects. Japan’s Nikkei 225 climbed over 1 per cent, Hong Kong’s Hang Seng index surged 2.48 per cent, and South Korea’s KOSPI gained 1.5 per cent. (ANI)