Indian Stock Markets Open Steady Amid Global Uncertainties

Indian stock indices Nifty and Sensex opened flat on Thursday due to selling by FIIs and buying by DIIs. Despite global uncertainties from the US elections, Indian markets exhibited resilience supported by domestic investors and robust economic outlook.

Indian stock indices Nifty and Sensex opened flat on Thursday amidst simultaneous selling by Foreign Institutional Investors (FIIs) and buying from Domestic Institutional Investors (DIIs), which kept the indices in a balanced state. The Nifty 50 index opened at 26,005 points, slightly above the 26,000 mark, while the Sensex began trading at 85,167 points, crossing the 85,000 threshold.

Market experts suggest that although the US elections may create global market turbulence, Indian markets remain resilient due to strong domestic investor sentiment and a robust economic outlook. Ajay Bagga, Banking and Market Expert, noted, "FIIs have been net sellers in the cash markets for the past two days. However, domestic inflows are more than sufficient to counterbalance this. Positive remarks from global analysts at JP Morgan and Morgan Stanley highlight the attractiveness of the Indian markets for long-term global investors. We are witnessing a decadal bull market in India, supported by strong pro-growth policies."

Bagga further elaborated on the US elections' impact, explaining, "US markets experienced a minor pause, though the Nasdaq continued its upward trend on Wednesday. The US Presidential Elections on November 5th could reduce flows into US markets. Historically, US markets tend to weaken before the elections and rally post-results. Given the close contest, clarity on the winner could be delayed, causing short-term disruptions." In National Stock Exchange's sectoral indices, Nifty Bank and Nifty Auto faced selling pressure, with both opening marginally lower. Most sectoral indices stayed flat, except for a maximum marginal gain of 0.2 per cent.

In the Nifty 50 stock list, 34 shares opened with gains, 12 declined, and 4 remained unchanged. In contrast, Asian markets rallied on Thursday due to a weakening Yen and Chinese stimulus measures, boosting Japanese and Chinese markets and thus supporting commodity prices. Japan's Nikkei index surged by over 2 per cent, Hong Kong's Hang Seng index rose by 1.81 per cent, South Korea's KOSPI index gained over 2 per cent, and Taiwan's markets were up by 0.8 per cent at the time of this report. (ANI)

(With inputs from agencies.)