Mumbai (Maharashtra) [India], May 16 (ANI): Indian stock markets opened on a flat note on Friday, though the Nifty 50 index continued to show positive momentum.
The Nifty 50 opened at 25,064.65, registering a marginal gain of 2.55 points or 0.01 per cent. In contrast, the BSE Sensex opened lower at 82,392.63 points, declining by 138.11 points or 0.17 per cent.
Market experts noted that Indian equities are benefiting from strong inflows, and the indices are currently trading in a historical zone where momentum typically picks up again. The sentiment remains largely optimistic despite the mixed global cues.
Ajay Bagga Banking and Market Expert told ANI “Indian markets continue to benefit from a strong inflow from FPIs while DIIs remain steady buyers as well. Yesterday’s positive reaction to the Trump assertion of zero-tariffs provided a boost to IT, auto and bank stocks with the top end market cap stocks leading the Indian stock rally.
He further added “We have completed 7 months since the Indian markets last hit all-time highs in late September 2024, so markets are in a historical zone where momentum picks up again. Geopolitical risks and trade tariff related risks are the overhangs as Indian markets attempt rescaling of previous all-time highs over the next two weeks. Caution still lurked in the background after a furious rally spurred worries about an overheated market, with the pendulum swinging in favor of defensive dividend-payers that had underperformed in the past month”.
On the sectoral front, indices such as Nifty Auto, Nifty PSU Bank, Nifty Consumer Durables, and Nifty Oil & Gas surged in early trade. However, pressure was seen on Nifty Private Bank, Nifty Realty, Nifty Healthcare, Nifty IT, FMCG, and Media sectors, which were trading in the red at the time of filing this report.
Meanwhile, other Asian markets exhibited a mixed performance. Taiwan’s Weighted Index rose by 0.34 per cent, and South Korea’s KOSPI was almost flat with a 0.09 per cent gain. On the other hand, Japan’s Nikkei 225 fell by 0.21 per cent, Hong Kong’s Hang Seng declined by 0.76 per cent, and Singapore’s Straits Times was down by 0.18 per cent during the same period. (ANI)
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