CHENNAI: Indian equity markets opened on a cautious note today, with the Sensex declining by 123.31 points (0.15%) to 82,207.28 at 9:16 AM, following an opening at 82,354.92. The Nifty 50 traded flat at 25,024.40, reflecting a subdued investor sentiment amid weak global cues.
The GIFT Nifty, an early indicator of market sentiment, was trading at 25,070, signaling a flat opening for Indian markets. Analysts anticipate moderation in the current "pullback" rally, with market focus shifting towards domestic earnings and high-frequency economic data for directional cues. Updates on global trade deals and their impact on global markets will also be closely monitored. According brokerage ICICI Direct, market participants will continue to track foreign capital flows, which have played a significant role in sustaining the current rally,
Key Market Drivers
Global cues: Asian markets are trading lower, which may weigh on Nifty 50 and Sensex.
Foreign Portfolio Investment: Foreign portfolio investors (FPIs) have been net buyers in recent sessions, contributing to market support.
Sectoral Performance: IT stocks are among the top drags, while financial stocks are providing some support.
Stocks to Watch
Gensol: The company is in focus due to recent developments.
Delhivery: The logistics firm is seeing increased investor interest.
Dr. Reddy's Laboratories: The pharmaceutical company is under scrutiny following recent news.
Outlook
Market participants are advised to remain cautious and monitor developments closely. With no major global or domestic events scheduled, market focus is expected to shift towards domestic earnings and high-frequency economic data for directional cues.
(Disclaimer: The stocks mentioned in this report are not investment recommendations. Investors are advised to exercise their own judgment and market intelligence when deciding whether to invest.)