Stock Market Opens Flat Amid Pre-GDP Jitters

The stock market opened flat on Wednesday, with market indices showing minimal gains amidst anticipation of quarterly GDP data release. Experts foresee profit booking ahead of the data, scheduled later this week, while global markets showed mixed performance.

The stock market opened nearly flat on Wednesday, with the Nifty at the National Stock Exchange (NSE) starting above 25,000 and the BSE Sensex hovering near 81,800. Traders are expecting further profit booking ahead of the GDP data, set to release later this week. The Nifty opened at 25,030.80, up 13 points, and the Sensex opened at 81,779.80, up 68.08 points.

The Bank Nifty opened at 51,208.90, down 69.85 points, while the Nifty Midcap started at 59,388.80, up 168.50 points. The sectoral indices mostly opened in red, with the exception of media and Oil and Gas stocks. On Tuesday, domestic equity indices displayed a flat performance; the Sensex marginally increased by 13.65 points (0.02%) to close at 81,711.76 and the Nifty 50 rose by 7.15 points (0.03%) to settle at 25,017.75.

Varun Aggarwal, MD of Profit Idea, noted, "The Nifty 50 formed a small negative candle on the daily chart, indicating a doji-like pattern. This consolidation near all-time highs could precede a breakout above the previous high of 25,078. A decisive move above 25,100 could target 25,360, the 38.2% Fibonacci extension level."

In global markets, US indices closed slightly higher, with the Dow Jones up 0.02% at 41,250.50, the S&P 500 up 0.16% at 5,625.80, and the Nasdaq Composite up 0.16% at 17,754.82. Asian markets presented mixed performance; Japan's Nikkei 225 and Korea's Kospi declined, while the Asia Dow inched up by 0.05%, and the Shanghai Composite remained flat.

Later this week, the markets are set to react to the first-quarter GDP data scheduled for Friday. The Reserve Bank of India, in its latest monetary policy meeting, projected GDP growth for 2024-25 at 7.2%, with expectations for Q1, Q2, Q3, and Q4 growth at 7.1%, 7.2%, 7.3%, and 7.2%, respectively. India's GDP grew by an impressive 8.2% during the 2023-24 financial year, maintaining its position as the fastest-growing major economy.

(With inputs from agencies.)