India’s benchmark indices opened flat on Thursday, pressured by ongoing foreign outflows and underwhelming corporate earnings.
The Nifty dipped 16.90 points, or 0.07 percent, to 23,542.15, while the Sensex fell 54.01 points, or 0.07 percent, to 77,636.94.
Most sectoral indices opened in the red, except for Nifty Auto, Nifty Metal, and Nifty Realty. Nifty Consumer Durables faced significant selling pressure.
Market analysts predict the bearish trend will persist until Donald Trump assumes office as U.S. President in January. Ajay Bagga, a banking and market expert, said, “Indian markets are continuing their downward trend due to downgrades in corporate earnings, higher-than-expected inflation, and slower economic growth. FII outflows remain unabated.”
“We’re more than halfway through this correction, but a reversal is unlikely before February, given seasonality and the upcoming Trump inauguration. Investors should brace themselves,” he added
Akshay Chinchalkar, Head of Research at Axis Securities, said, “Weekly momentum is deeply oversold, but in strong downtrends, this is common. The market needs to break the previous day’s high while holding support to signal a turnaround. Until then, bears will remain in control, with the next downside zone in the 23,200–23,300 range.”
Foreign institutional investors (FIIs) sold equities worth Rs 2,502 crore on November 13, while domestic institutional investors purchased Rs 6,145 crore worth of equities.
In Asian markets, Seoul and Tokyo were the exceptions, while markets in Jakarta, Shanghai, Bangkok, and Hong Kong traded in the red. U.S. stock markets closed in positive territory on the previous trading day.
(With ANI input)
