Global market sentiment remained mixed for domestic stock markets on Thursday, leading to a weak start. Selling pressure was clearly visible in metal, realty and pharma sectors. Sensex opened down 150 points, and Nifty was down 70 points. Bank Nifty remained flat. A slight decline was also seen in midcap and smallcap indices. The market got some support from buying in Oil & Gas and FMCG sectors. Growth was also seen in the IT and PSU bank sectors.
At around 9:25 am, the Sensex was trading 282 points down at 83,534. Nifty fell 100 points to 25,670. Bank Nifty was down nearly 50 points at 60,190. On the Nifty 50, Hindalco, Indigo, Trent, Tata Steel, Eternal, Shriram Finance, JSW Steel and BEL were among the top losers. Rise was seen in HUL, M&M, ONGC, Coal India, Wipro, NTPC and SBI.
Yesterday, US markets remained mixed amid ups and downs. The Dow recovered 400 points to close 260 points higher, while the Nasdaq hit a two-and-a-half-month low intraday due to heavy selling in tech stocks and closed 350 points lower. GIFT Nifty remained flat near 25850, and Dow futures also looked dull.
Trump’s warning and surge in crude oil:
Trump threatened Iran that if the deal is not made then it will be attacked. Crude oil rose 4 percent to $69. Meanwhile, all base metals including copper declined due to a stronger dollar.
Sharp fluctuations in gold and silver:
Gold fell by almost ₹7000 from its day’s high to close at ₹1,53,000, while silver fell by almost ₹26,000 from its day’s high to close at ₹2,68,850. However, in the global market, gold rose by almost $100, while silver saw a rise of 7 percent.
Buying by FIIs and Domestic Funds
FIIs bought shares worth ₹2427 crore in cash, index and stock futures. Domestic funds also invested ₹250 crore in the market.
Reaction to company results
Trent gave good results. Bajaj Holding performed well. Tata Power, Cummins and Samman Capital reported mixed results, while NHPC reported weak results.
Companies declaring results today
Today Bharti Airtel, Tata Motors PV and Max Healthcare will declare their results in Nifty. The F&O segment will have a long list of 14 investors, including Mazagon Dock, PFC, Godrej Properties, Hero Moto, IOC, Keynes Tech and Nykaa.
CCI action against Indigo
CCI has ordered an investigation against Indigo. The investigation will look into large-scale flight cancellations and alleged unfair trade practices.
Market focus on RBI policy
Today is the second day of MPC meeting. The market is keeping a close eye on what RBI will do with interest rates in the monetary policy announcement tomorrow.
Developments on India-Gulf Trade Agreement
Discussion on free trade agreement between India and Gulf countries will start soon. India will sign Terms of Reference with GCC countries today.