Mumbai (Maharashtra) [India], March 3 (ANI): Indian stock markets started the fresh week on Monday with moderate gains, as both indices opened in the green; however, a sustained rally was not visible.
The Nifty 50 index opened at 22,194.55, gaining 69.85 points or 0.32 per cent, while the BSE Sensex opened at 73,427.65, gaining 229.55 points or 0.31 per cent.
Experts noted that Indian markets might witness a shallow rally today, but for a sustained recovery of the Indian indices, FPI selling should reduce. This is expected to happen only in the next quarter when corporate earnings improve.
Ajay Bagga Banking and Market Expert told ANI that “We expect a shallow rally in Indian markets on the back of global and domestic cues, however the sharp FPI selling will need to reduce for a sustained recovery to take hold. That will happen once Corp earnings show signs of better momentum in the next quarter”.
He further added “Domestic cues are good for India with an upward revision of the Q2 GDP number and an improved GDP number for Q3 of 6.2 per cent. Hopes are rising that corporate earnings have bottomed out in Q3 and the strong pickup in government capex and general expenditure will help revive the economic momentum”.
Among sectoral indices, all sectors on the NSE opened with gains, with the highest surge seen in Nifty Metal & Auto, which rose more than 1 per cent. Nifty IT was also up by 0.9 per cent, while Nifty Bank opened with marginal gains.
On the global front, the Trump Tariffs loom over the markets as the 25 per cent levy on Canada and Mexico, along with an additional tariff of 10 per cent on China, faces a deadline on Tuesday. US markets went up on Friday as the Fed’s preferred gauge of PCE Inflation showed moderation, and the Atlanta Fed GDP Now forecast turned negative for the January-March 2025 quarter.
“The Indian stock market is experiencing its longest losing streak in nearly three decades. Small and mid-cap stocks continue to face significant selling pressure. The Nifty 50 has declined by 15.78 pc from its peak, breaking through all crucial support levels, indicating a strong bearish trend. The index is currently hovering around the 21,800 level, which is acting as a strong support. A breakdown below this level would signal a continuation of the downtrend” said Sunil Gurjar, SEBI-registered research analyst and founder of Alphamojo Financial Services.
Among other Asian markets, Japan’s Nikkei 225 index gained more than 1.13 per cent, Hong Kong’s Hang Seng index rose by more than 1.13 per cent, while the Taiwan Weighted Index declined by more than 1.62 per cent at the time of filing this report. South Korea’s KOSPI index was closed for a holiday. (ANI)
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