New Delhi [India], October 28 (ANI): The domestic stock markets opened almost flat in the red on Tuesday, indicating a volatile session ahead as investors remained cautious before key global events scheduled this week.
The movement also mirrored the mixed trend seen across other Asian markets.
The Nifty 50 index opened at 25,939.95, declining 26.10 points or 0.10 per cent, while the BSE Sensex started the day at 84,653.43, down 125.41 points or 0.15 per cent.
The subdued opening suggests that traders are likely to adopt a wait-and-watch approach amid heightened uncertainty in global cues.
Market expert Ajay Bagga, Banking and Market Analyst, told ANI, “Indian markets had a strong day on Monday, with banks leading the charge upwards and with SMIDs showing strength, pointing to renewed flows into the broader markets. FPI net shorts are down to 75 per cent. With the monthly expiry today for the Nifty and Bank Nifty, and with Asian markets in a narrow range, markets may be more volatile today in India as well.”
He added, “There is media chatter of FPI investment limits being raised to 49 per cent in state-owned banks, but the reality is that even the present 20 per cent limits have not been filled, with even the largest PSU, SBI, having around 9 per cent FPI holdings. There may be a reality check on this front. Such an announcement, when Bihar election campaigning is in full swing, seems to be lacking credibility and may be some kite fishing motivated by false narratives created to influence the Bihar elections.”
In the sectoral indices on the National Stock Exchange, Nifty Auto up by 0.18 per cent, Nifty IT opened flat in red, Nifty Media surged by 0.54 per cent, Nifty Pharma was also flat with 0.05 per cent decline.
Meanwhile, global markets remained cautious as investors await major developments this week. US markets marked yet another record close, supported by optimism over U.S.-China trade detente, a strong earnings season, and expectations of a Federal Reserve rate cut on Wednesday.
However, concerns linger as the US government shutdown entered its fourth week, with no signs of compromise between opposing sides.
Across Asia, markets traded mixed on Tuesday morning. Japan’s Nikkei 225 declined 0.16 per cent, South Korea’s KOSPI dropped 1.11 per cent, while Taiwan’s Weighted Index gained 0.08 per cent. Hong Kong’s Hang Seng rose 0.14 per cent, and Singapore’s Straits Times advanced 0.7 per cent.
Investors globally are watching three major events closely: the Trump-Xi meeting in Korea, the Federal Reserve’s policy decision, and the earnings reports from five of the seven Magnificent Seven tech giants, all of which are expected to set the tone for market sentiment for the remainder of the year. (ANI)
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