Feedback | Monday, June 24, 2024

Nifty, Sensex open flat; experts predict gains ahead of poll results

Indian benchmark indices began Tuesday’s trading session flat amid mixed global cues. The Nifty 50 index was at 22,458 after losing 40 points, while the Sensex shed 206 points to 73,801 at the time of this report.

In the Nifty 50 index, 20 stocks opened with gains, 29 declined, and one remained unchanged.

“We believe that as long as the market trades above 22,300/73,300, the bullish sentiment is likely to continue, and the market could move up to 22,550-22,650/74,200-74,500,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

Top gainers in the Nifty 50 included ONGC, Hindalco, Tech Mahindra, Tata Steel, and Apollo Hospitals. Top losers were Nestle India, Axis Bank, Divis Labs, Britannia, and HCL Tech.

“With five stages of the seven-stage elections completed, the market is showing signs of stability. The negative trigger of sustained FII selling seemed to have ended when FIIs turned buyers last Friday. The prime minister has hinted at a sharp rally in the market after June 4th. The market is likely to move ahead before the election results as it often anticipates outcomes,” said K. Vijaykumar, Chief Investment Strategist at Geojit Financial Services.

According to data from the National Securities Depository Limited (NSDL), foreign investors sold Indian stocks worth Rs 28,242 crore so far in May. In April, FPIs were also net sellers, likely due to the ongoing geopolitical crisis in the Middle East, prompting investors to withdraw from their portfolios.

Market experts point to foreign investor selling as a key reason for recent declines in Indian markets.

(With ANI input)

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Last Updated: 24th Jun 2024