Mumbai (Maharashtra) [India], May 30 (ANI): Indian stock markets opened flat in the red on Friday, as global concerns once again pressured investor sentiment.
The recent decision by the US Federal Appeals Court to allow the Trump administration to continue with its tariff policy till a higher court decides has impacted market mood across the globe. Investors are now awaiting further clarity from higher courts, which will take a final call on the legal challenges against these tariffs.
At the opening bell, the benchmark Nifty 50 index slipped by 21.00 points or 0.08 per cent to 24,812.60. Similarly, the BSE Sensex began the day with a decline of 167.33 points or 0.20 per cent at 81,465.69.
The weakness in the Indian markets mirrors the overall negative trend in major Asian indices, and analysts believe the sentiment will remain cautious until there is clarity on the tariff situation.
Ajay Bagga, Banking and Market Expert, told ANI, “US markets gave up gains and Asian markets are down this morning on the back of this uncertainty. Indian markets saw volatility reducing despite it being an expiry day. Stronger inflows, expectations of a good India GDP number later this evening and resilient domestic flows are making the outlook for the Indian markets optimistic, though the US policy chaos is an overhang on all risk markets for now. Hopefully, clarity will emerge by July on the tariff front and markets will start positioning for that in June itself”.
On the sectoral front, pressure was seen across all major NSE sectoral indices, except the Nifty PSU Bank index, which opened in green.
The highest selling was seen in Nifty IT, which declined by 0.9 per cent. Other sectors like Nifty Pharma, Nifty Metal, and Nifty FMCG also remained in the red, although the losses were limited and the indices stayed mostly flat.
Broader market indices presented a mixed picture. While Nifty Small Cap and Nifty Midcap indices were trading in the green, the Nifty 100 also opened in red, mirroring the cautious tone of the benchmarks.
Global markets also showed signs of stress. Japan’s Nikkei 225 was down over 1.4 per cent, Hong Kong’s Hang Seng declined by 1.47 per cent, and South Korea’s KOSPI index dropped by 0.61 per cent.
Almost all major Asian markets were in negative territory, largely reacting to the same tariff-related concerns and uncertain global economic outlook.
As the day progresses, all eyes will be on the domestic GDP data to see if it can help lift market sentiment, at least in the short term. (ANI)
Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News
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