Sensex, Nifty Trade Flat On Opening Bell
Market upswing occurs due to the RBI data that shows the current account surplus for the fourth quarter of the fiscal year 2023-24 is 0.6 percent of GDP
A day after it set new records, benchmark Sensex and Nifty indices opened flat on Wednesday but continued to trade near their all-time high.
Nifty opened today at 23,723.10 down by 10.60 points or 0.04 per cent while the Sensex opened at 78,094.02.
Among the sectoral indices at the National Stock Exchange, Financial Services, IT, Media, and Private Banks opened in green while sectors such as Auto, FMCG, Metal, Pharma and PSU Banks opened in the red.
On the Bombay Stock Exchange (BSE), UltraTech Cement, ICICI, NTPC, Bajaj Finance, Kotak Bank, Bajaj Finserve, Tata Motors, Hindustan Unilever, Adani Ports, Axis Bank, Bharti Airtel, ITC, Reliance opened in green while Asian Paints, Titan, and Maruti Suzuki among others opened in the red.
According to the market experts, the market upswing occurs due to the RBI data that showed the current account surplus for the fourth quarter of the fiscal year 2023-24 was USD 5.7 billion, or 0.6 percent of GDP.
"A constant refrain during the last few months from many experienced investment experts has been that financials, particularly large-cap private banks, offer value buying opportunities. The expected breakout in some of these bluechips has happened during the last several days. These stocks are likely to remain resilient since their FY25 Q1 numbers will be very good," said V K Vijayakumar, Chief Investment Strategist, at Geojit Financial Services.
"A continued upward momentum in the short term, with attention on potential targets around 24,000. The banking sector remained a key driver of the Nifty's rise, exhibiting resilience despite global market uncertainties," said Varun Aggarwal MD, Profit Idea.
Ajay Bagga, a banking and market expert said, "This is the week of politics. UK Elections, US Presidential debate, election of Lok Sabha Speaker and then handover to French elections next week. On the macroeconomic front, US Personal Consumption Expenditure (PCE) Inflation numbers on Friday will set the tone for rate cut expectations. US technology stocks recovered last night and the Asia mood is upbeat today. Indian markets are flattish in the light of the strong recovery yesterday."
In the Asia-Pacific region, markets showed mixed performance. The Asia Dow rose by 1.66 per cent, Japan's Nikkei 225 increased by 0.36 per cent, while Hong Kong's Hang Seng index ended flat. Conversely, China's Shanghai Composite declined by 0.44 per cent. (ANI)
