Stock market indices opened flat on Monday as shares of IT companies and public sector banks fell in early trade. Reliance Industries (RIL) also dropped nearly 2 per cent, pulling the markets lower. By 9:22 am, the Sensex had fallen by 130.29 points to 81,627.44, and the Nifty50 was down 48.95 points at 24,919.45.
Dr VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said that the key factor to watch in the coming days will be the outcome of trade talks between the US and India. If the two countries agree on a deal with a tariff rate below 20 per cent for India, it would be seen as a positive sign for the market. Over the weekend, companies reported their Q1 results. ICICI Bank posted strong results, especially in profit and loan growth. HDFC Bank also performed steadily, while Axis Bank's results were the most disappointing so far.
Experts believe that some institutional investors might move funds from other banks to ICICI Bank. RIL’s Q1 results were stable, with strong performance from its telecom arm Jio and its retail business. Analysts say RIL’s stock may continue to hold up well.
Also Read: Markets open flat as FPI selling drags sentiment, midcaps gain
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