Indian stock markets began their day with a slight decline on Thursday, amid global market pressures from weaker economic data in the U.S.
The Nifty 50 index started the day down by 52 points, or 0.2 percent, at 25,093.35 points, while the BSE Sensex index fell by 0.04 percent, or 30 points, opening at 82,171.64 points.
In the broader National Stock Exchange, indices such as Nifty Next 50, Nifty 100, and Nifty 200 faced downward pressure during the opening session. Sector-specific indices saw varied performances, with Nifty Bank, Nifty Auto, and Nifty FMCG experiencing selling pressure, while Nifty IT, Nifty Media, and Nifty Pharma posted gains.
As noted by the MD of Profit Idea Varun Aggarwal said ”the Nifty 50 formed a small negative candle on the daily chart. The previous downside gap from 4th September remains a significant resistance around 25,250 levels. This technical pattern suggests a lack of market strength to overcome this resistance, indicating potential further consolidation. The short-term trend for Nifty remains choppy with a bearish bias.”
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Factors Behind Volatility Of Indian Stock Market
As per Market experts, the ongoing volatility is partly due to anticipation surrounding key economic data, including the U.S. monthly payroll report. However, a weaker report could lead to further declines in the markets.
Meanwhile, Global markets also exhibited mixed performance, with U.S. indices closing lower for the third consecutive day.
The S&P 500 fell by 0.3 percent to 5,503.41, the Dow Jones dropped by 0.54 percent to 40,755.75, while the Nasdaq Composite rose by 0.25 percent to 17,127.66.
In Asia, Japan’s Nikkei 225 gained 0.05 percent to 36,674, while Korea’s KOSPI declined by 0.95 percent to 2,551, and the Asia Dow fell by 0.53 percent to 3,475.36. Conversely, China’s Shanghai Composite increased by 0.12 percent to 2,792.
At the end of the day, domestic indices declined due to selling pressure in major stocks and negative global cues. The Sensex dropped by 151.48 points to close at 82,201.16, and the Nifty 50 fell by 53.60 points, or 0.21 percent, ending at 25,145.10.
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(With Inputs From ANI)
