Mumbai (Maharashtra) [India], January 6 (ANI): Indian stock markets opened almost flat, starting the fresh week in green with a marginally higher opening; however, the outlook is still under pressure.
The Nifty 50 index opened at 24,045.80 points with a gain of 41.05 points or 0.17 per cent, while Sensex also opened higher with a gain of 58.54 points or 0.07 per cent at 79,281.65 points.
Experts noted that the earnings season this week may give some movement, but expectations are low because of muted earnings like in Q2. The main attraction for the markets will be Trump’s policy decisions and then the Union Budget.
Ajay Bagga Banking and Market Expert “Earnings season starts this week. Given the relatively muted Q2 earnings, the expectations from Q3 earnings are also muted. This sets the stage for fewer downgrades this quarter on the back of already subdued outlooks. That provides strength to the markets. The overarching theme will remain Trump 2.0 inauguration on January 20th and his administrations follow through on his election planks of mass deportation of illegal immigrants, tax relief, regulatory relaxation and unleashing of tariffs on trading partners from China to Canada and Mexico”.
He further added “given the intensity of FPI selling over the first three days of January, we remain cautious for the short term. Earnings, Budget and Trump are the catalysts to watch.
In the sectoral indices on NSE, Nifty Bank declined along with Nifty FMCG, Nifty Media, Nifty Metal, Nifty Pharma, and Nifty PSU Bank, while Nifty Auto, Nifty IT, Nifty Financial, and Nifty Consumer Durables opened with gains at the time of filing this report.
In the Nifty 50 stocks list, 26 shares opened with gains, while 23 declined, and 2 remained unchanged in the opening session. The top gainers include Titan, Bajaj Finance, Bajaj Auto, Bajaj Finserv, and Infosys.
The top losers include Kotak Bank, ONGC, Tata Steel, Power Grid, and IndusInd Bank.
“The Fed’s projection of fewer future rate cuts than anticipated dampened investor sentiment. Additionally, continuous FII selling has significantly impacted the market. Additionally, news of the China HMPV Outbreak may also affect the market. Last week Nifty bounced back from 23400 and broke above 23800. 24700 acts as a strong resistance level; a breakout above this level would indicate a strong bullish uptrend” said Sunil Gurjar, SEBI Registered Research Analyst, Founder- Alphamojo Financial Services.
The earnings season also starts today, with companies set to report their quarterly performance. Third-quarter earnings will be announced by companies. (ANI)
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