Indian equity benchmarks Sensex and Nifty opened in the red on Thursday morning as selling pressure returned to the markets despite no fresh volatility triggers. Meaning, the Indian stock market started the day lower than it closed the previous day.
Foreign investor confidence has remained robust following the recent India-US trade deal.
The BSE Sensex opened at 83,968.43, down 265.21 points or 0.31 per cent. The Nifty 50 opened at 25,906.70, declining 47.15 points or 0.18 per cent.
VK Vijayakumar, Chief Investment Strategist at Geojit Investments, noted, “Support to the market needs to come from earnings growth. Sectors like gold, hospitality, capital goods, telecom, and automobiles are performing well above expectations, and these sectors could continue the trend in the coming days.”
Broader indices also traded lower; Nifty 100 fell 0.33 per cent, Nifty Midcap 100 declined 0.45 per cent, and Nifty Small Cap 100 dropped 0.69 per cent.
Sectoral indices witnessed widespread weakness; Nifty IT fell over 2 per cent, Nifty Auto declined 0.34 per cent, Nifty Metal lost 0.26 per cent, Nifty PSU Bank dropped 0.54 per cent, and Nifty Realty slipped 0.66 per cent.
In the commodities market, gold prices declined 0.43 per cent to Rs 158,079 per 10 grams (24 karat).
Silver prices fell 0.77 per cent to Rs 261,000 per kilogram at the time of reporting.
As per fund flow data for Wednesday, FIIs were net buyers at Rs 943.8 crore, while DIIs were net sellers at Rs 125.4 crore in the cash market.
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