Indian stock markets opened on a cautious note on Thursday, reversing the selling pressure witnessed a day earlier, as investors adopted a wait-and-watch approach ahead of Prime Minister Narendra Modi’s discussions with US President Donald Trump on trade and tariffs.
The NSE Nifty 50 index commenced trading at 23,055.75 points, registering a modest increase of 10.50 points or 0.05 per cent. Meanwhile, the BSE Sensex edged up by 30.02 points or 0.04 per cent to open at 76,201.10.
Sectoral indices on the NSE reflected mixed sentiment, with Nifty Bank, Nifty FMCG, and Nifty Metal trading lower, while other indices saw marginal gains.
Market experts observed that the prevailing uncertainty over trade talks between Modi and Trump, alongside sustained foreign institutional investor (FII) selling, kept Indian equities under pressure.
Additionally, reports of a telephone conversation between Trump and Russian President Vladimir Putin buoyed global sentiment, particularly amid speculation over a possible breakthrough in the Russia-Ukraine conflict.
Banking and market expert, Ajay Bagga remarked, “Prime Minister Modi arrived in the US following a successful visit to France. His meetings with President Trump are expected to result in agreements on trade, energy, and defence, thereby strengthening bilateral relations. However, Indian markets remain under pressure due to unrelenting foreign portfolio investor (FPI) sell-offs."
"A prospective Russia-Ukraine peace deal could lead to enhanced oil and gas supply, reduced prices, and an overall improvement in global sentiment. For now, Indian markets are closely watching the outcomes of the Modi-Trump summit and the developments at the Ukraine-Russia Munich conference,” he added.
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Among Nifty 50 stocks, 28 opened in positive territory, while 21 declined, and one remained unchanged. Kotak Mahindra Bank and Cipla emerged as the top gainers, whereas Titan and Eicher Motors led the laggards.
Shares of Kotak Mahindra Bank surged after the Reserve Bank of India lifted restrictions imposed in April 2024, permitting the lender to onboard new customers via digital banking platforms and resume issuing fresh credit cards.
Analysing market trends, Akshay Chinchalkar, Head of Research at Axis Securities, noted, “The Nifty ended lower for the sixth consecutive session, but strong buying interest emerged around the 22,800 level, which aligns with a key long-term trendline dating back to the COVID-era. The presence of buyers in the 22,700-22,800 zone will serve as a crucial support, while resistance is likely within the 23,155-23,293 range.”
Meanwhile, several major companies, including Hindalco Industries, United Breweries, Ipca Laboratories, SJVN, Deepak Nitrite, Godfrey Phillips India, ITI, Concord Biotech, Carborundum Universal, Grindwell Norton, KIOCL, and Afcons Infrastructure, are scheduled to announce their third-quarter earnings later in the day.
Asian markets largely displayed an upward trajectory on Thursday, with Japan’s Nikkei surging over 1.3 per cent, Hong Kong’s Hang Seng gaining 1 per cent, Taiwan Weighted advancing 0.36 per cent, and South Korea’s KOSPI climbing 0.86 per cent.
However, Singapore’s Straits Times Index bucked the trend, dipping 0.05 per cent.
As global and domestic investors remain watchful of unfolding geopolitical and economic developments, the trajectory of Indian equities is expected to hinge on cues emerging from the high-level diplomatic and trade discussions taking place in Washington.
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