Mumbai (Maharashtra) [India], April 16 (ANI): The Indian stock markets opened flat on Wednesday amid negative global cues and developments in the US reciprocal tariffs.
At the opening of the trade today, the BSE Sensex stood at 76,615.29, down 119.60 points or 0.16 per cent, while the Nifty at the National Stock Exchange (NSE) was down 36.35 points or 0.16 per cent at 23,292.20.
Shriram Finance, IndusInd Bank, Apollo Hospitals, Kotak Mahindra Bank, and Axis Bank were the major gainers, while Infosys, Maruti Suzuki, Tech Mahindra, Tata Consumer, and Cipla were the losers.
“Yesterday’s candle has formed a so-called ‘hanging man’ pattern, which shows that near-term gains may slow somewhat. Immediate support lies at 23207, while immediate resistance sits inside the 23400 – 23500 area. Bulls need to hold the market above critical support at 22924 to target the swing high of 23870. Meanwhile, a two-day surge where the nifty has gained 2 per cent on each day has historically been bullish in the short-term,” said Akshay Chinchalkar, Head of Research, Axis Securities.
“Indian markets remain around 12% lower than all-time highs reached at the end of September, while the broader indices are down even more. A return of FPIS as net buyers in the Indian markets, combined with continued domestic investor inflows, could lead to a strong surge in Indian markets,” said Ajay Bagga, market and banking expert.
Bagga said that the Indian markets saw a strong FPI inflow in the cash segment, which boosted all indices. The Rupee has also strengthened.
“The markets will watch for follow-on buying from FPIS and for clues from the earnings season as key catalysts,” he added.
“US officials indicated that the 20 per cent ‘reciprocal’ tariffs–which Trump reduced to 10 per cent–as well as other tariffs targeting sectors including cars and metals would not be removed outright,” Bagga further added.
The market analysts say that the investors in the markets are focusing on the tariff developments between the US and China after the US Commerce Department announced to open an investigation into the pharmaceutical and semiconductor imports, which could lead to further tariffs.
The market experts also say that the participants’ sentiments remain buoyed, as the latest inflation data shows a 5-year low.
Analysts anticipate the market’s positive momentum to persist, fueled by optimism around potential global trade agreements and a possible easing of US reciprocal tariffs. (ANI)
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