Mumbai (Maharashtra) [India], August 19 (ANI): Indian stock markets opened on a cautious note on Tuesday, with both benchmark indices trading flat in the early session. Investors stayed watchful amid the ongoing Ukraine peace process and awaited global cues.
The Nifty 50 index opened at 24,891.35, gaining 14.40 points or 0.06 per cent, while the BSE Sensex started the day at 81,319.11, up 45.36 points or 0.06 per cent. Market experts said that any development in the Ukraine-Russia truce will act as a major trigger for Indian equities.
Ajay Bagga, Banking and Market Expert, told ANI, “Indian markets are flat this morning and the bond yields rose yesterday on the expectation of higher government borrowings to support the tax cuts loss of revenues. Any Ukraine-Russia truce will be a catalyst for Indian markets as well. Today, most global futures are in caution mode. The Ukraine peace process is progressing, which should have been a good catalyst for the markets.”
In the broader market on NSE, the Nifty 100 index was up 0.08 per cent, the Nifty Midcap 100 gained 0.14 per cent, and the Nifty Smallcap 100 rose 0.10 per cent.
Sector-wise, the performance was mixed. Nifty Auto slipped 0.16 per cent, Nifty IT was down 0.03 per cent, and Nifty Pharma also declined 0.10 per cent.
Nifty Private Bank lost 0.15 per cent. On the other hand, shares of Nifty Media, Nifty Metal, and Nifty Oil and Gas traded in positive territory during the opening session.
Global factors also played a role in market sentiment. The upcoming speech of US Federal Reserve Chair Jerome Powell at the annual Jackson Hole Symposium is being closely watched for hints on Fed policy in the backdrop of tariffs and possible rate moves.
While the rise in the US Producer Price Index (PPI) for July has slightly lowered expectations of a September rate cut, the market consensus still points to a cut. In addition, US retail earnings due this week are expected to give direction on consumer strength in the world’s largest economy.
On the technical front, Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said, “For Nifty, the zone of 24,800-24,770 will act as an important support. On the upside, the zone of 25,000-25,050 will act as a crucial hurdle. Any sustainable move above 25,050 will lead to a sharp upside rally up to 25,200, followed by 25,350 in the short term.”
In other Asian markets, Japan’s Nikkei 225 index declined 0.19 per cent in early trade, Hong Kong’s Hang Seng index slipped 0.29 per cent, Taiwan’s Weighted index fell 0.51 per cent, and South Korea’s KOSPI lost 0.25 per cent. (ANI)
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