Business News | Stock Indices Open in Negative Territory with Mixed Global Cues
Get latest articles and stories on Business at LatestLY. The Sensex, India's key equity index, opened down by 131.51 points, or 0.18 per cent, at 73,883.04, while the Nifty, another major index, started the session lower by 23.25 points, or 0.1 per cent, at 22,438.75.
Mumbai (Maharashtra) [India], April 2 (ANI): Indian benchmark indices, Sensex-Nifty began trading on a cautious note in the red territory, influenced by mixed signals from global markets on Tuesday.
The Sensex, India's key equity index, opened down by 131.51 points, or 0.18 per cent, at 73,883.04, while the Nifty, another major index, started the session lower by 23.25 points, or 0.1 per cent, at 22,438.75.
Analysis of the Nifty companies showed a mixed picture, with 25 advancing and 24 declining. Among the notable gainers among Nifty firms were Adani Ports, BPCL, Bajaj Auto, ONGC, and IndusInd Bank.
Conversely, ICICI Bank, TCS, Cipla, Sun Pharma, and Wipro were among the top losers in the initial trading hours.
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Varun Aggarwal, founder and managing director Profit Idea, said, "The previous trading session witnessed domestic equity benchmarks ending on a positive note, with the Nifty 50 surpassing the 22,400 level. The Sensex closed higher by 363.20 points at 74,014.55, while the Nifty 50 settled up by 135.10 points, or 0.61 per cent, at 22,462.00. Technically, the Nifty 50 formed a small positive candle, suggesting a potential consolidation or minor dip after reaching new highs."
He added, "Despite the cautious start, the broader trend of the Nifty remains positive, with the market eyeing crucial overhead resistance levels of 22,500 - 22,550."
Market analysts indicate that any potential consolidation could offer buying opportunities, with expectations of an upside breakout toward the 22,800 levels.
An analysis of Nifty Open Interest data reveals significant interest at the 22,500 strike prices on the call side and at 22,200 on the put side, indicating potential levels of support and resistance for the index.
In Asian markets, Australian and Japanese equities showed minimal changes, while Hong Kong markets reopened after a holiday break.
In the United States, equity futures edged lower following a mixed session on Wall Street. Bond markets reflected increased yields following unexpected manufacturing expansion in the US, with Treasury yields climbing over 10 basis points.
Investor attention remains focused on the Federal Reserve's stance on monetary policy, with expectations of potential rate cuts later in the year.
Additionally, market participants await key data releases, including employment figures and meeting minutes from the Reserve Bank of Australia.
Commodities like oil and gold continue to be influenced by geopolitical factors and supply dynamics, adding further complexity to market movements.
As the trading session progresses, investors will closely monitor global cues and domestic developments for further insights into market direction and sentiment. (ANI)
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