Volatility continues, Indian stock market opens lower amid mixed global cues - World News Network

Mumbai (Maharashtra) [India], January 9 (ANI): Indian stock markets opened on a lower note on Thursday amid mixed global cues. On the opening, the BSE Sensex was down 214.33 points or 0.27 per cent at 77,934.16, and the Nifty was down 55.25 points or 0.23 per cent, opening at 23,633.70.
The domestic stock markets in the previous trading session on Wednesday rebounded from their lowest points to finish near no change. The market participants are closely monitoring slower economic growth forecasts and exercising caution ahead of third-quarter earnings reports, which are contributing to volatility in the market.
The market experts believe that the near-term sentiments in the market will remain muted due to several factors among them the US bond yields and concerns over fewer rate cuts by the American Fed Reserve.
Observing the sentiment of the market participants, Ajay Bagga, market and banking expert, said heavy FPI selling on Wednesday set the tone for volatile Indian markets.
“Global markets are facing the heat from a strong US dollar, rising US bond yields and uncertainty around a Trump 2.0 economic fallout that could undermine existing supply chains and trade networks,” Bagga stated.
“Overall, as the Indian earnings season kicks off post-market hours today, the dark clouds on the horizon are looking ominous. Time to wait out the next fortnight till Trump 2.0 clarity emerges and markets settle down,” he further added.
The Fed minutes for the December FOMC meeting were as per expectations, with most Fed members on a “cautious” path forward to rate cuts.
As per the experts, the global markets are facing the heat from a strong US dollar, rising US bond yields, and uncertainty around a Trump 2.0 economic fallout that could undermine existing supply chains and trade networks.
“Nifty50 formed a small red candle on the daily chart, indicating a ‘hammer’ pattern, which often signals a potential trend reversal after a decline, though it remains below the critical 200-day Exponential Moving Average (EMA) at 23,700,” stated Varun Aggarwal MD, Profit Idea.
At the National Stock Exchange (NSE) the stocks of 1268 companies advanced, 1069 shares declined, and 129 stocks were unchanged.
The top gainers in the opening hours were Bajaj Auto, Tata Motors, Kotak Mahindra Bank, M&M, Infosys, while losers were SBI, HDFC Bank, Adani Ports, BPCL, ICICI Bank.
Among the sectoral indices on NSE, the IT and Media only traded in green terriory, leaving others in red.
Asian markets traded lower, with Japan’s Nikkei 225 falling 0.14 per cent and South Korea’s Kospi easing 0.1 percent. The US market ended mixed on Wednesday, with the Dow Jones up 0.25 per cent, while the Nasdaq declined by 0.06 per cent. The US markets are shut today in honour of ex-President Jimmy Carter. (ANI)

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