Indian Stock Markets Face Selling Pressure Amid Earnings Uncertainty

Indian stock markets experienced a decline on Wednesday despite initial gains. Experts suggest no immediate relief as the markets grapple with lowered GDP estimates and continued foreign investor selling in key sectors. The mood remains cautious, with hopes pinned on corporate earnings and the Union Budget for momentum.

On Wednesday, Indian stock markets struggled to maintain their initial gains, subsequently experiencing selling pressure. The Nifty 50 began the day at 23,746.65, marking an increase of 38.75 points or 0.16 percent, while the BSE Sensex opened with a rise of 120.45 points at 78,319.56, a 0.15 percent surge.

Financial experts highlight an absence of immediate relief for markets, citing lowered GDP growth forecasts and sustained foreign selling in crucial sectors like financials. Ajay Bagga, a market expert, disclosed to ANI that the markets are eyeing individual company earnings and the upcoming Union Budget as potential relief drivers amidst a cautious landscape.

Selling pressure was noted across sectoral indices, barring Nifty Pharma and Nifty Oil and Gas. In other Asian markets, South Korea and Singapore saw positive movement, whereas China's and Japan's indices experienced declines. The sentiment on Wall Street remains hinged on earnings reports and economic forecasts.

(With inputs from agencies.)