MUMBAI: Indian stock market indices faced selling pressure at the opening, with both indices opening with a marginal dip on Wednesday.
The Nifty 50 index opened at 25,008.55 points, down by 48.80 points or 0.19 per cent, while the BSE Sensex lost 173 points or 0.21 per cent, opening at 81,646 points during the opening session.
Experts highlighted that the continuous selling by FIIs is being supported by buying from domestic investors, and it may consolidate the Nifty index around 25,000.
“In India the main driver of the bull run has been the sustained domestic flows into the market which has been absorbing all the selling by FIIs. The domestic flows will continue to support the market but elevated valuations will put a cap on the upside. Nifty is likely to consolidate around 25000 levels. Q2 earnings will be weak except in IT, banking and pockets of autos.” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
In the sectoral indices on the National Stock Exchange, except for Nifty Pharma, Nifty Realty, and Nifty Consumer Durables, all other indices opened in the negative.
In the Nifty 50 stocks list, 17 shares opened with gains, 31 shares opened with declines, and 2 remained unchanged.
“Markets will continue to be sluggish with a downward bias as global investors move funds to China. The overhang of the Hyundai IPO will also persist for a few days. The results of Reliance Industries will also add some pressure to leading indices.” said Shriram Subramanian, Founder and MD, InGovern Research Services.
In other Asian markets, the stock markets showed a mixed response, with Japan’s Nikkei falling by more than 2 per cent, while Hong Kong’s Hang Seng was up marginally by 0.4 per cent. South Korea’s KOSPI index was also down by 0.5 per cent, and Taiwan’s Weighted index was down by 0.6 per cent at the time of filing this report. (ANI)