Domestic Indices Open Lower On Mixed Global Cues; Volatility Expected

The domestic stock indices opened lower on Thursday, reflecting mixed global market trends, with declines seen in sectors including auto, metal, and real estate during early trade.

By around 9:30 AM, the Sensex was down by 221.03 points, or 0.28%, at 79,895.46, while the Nifty fell by 75.55 points, or 0.31%, to stand at 24,253.40.

The Nifty Bank index declined by 152.60 points, or 0.28%, to reach 55,217.45.

The Nifty Midcap 100 index traded at 55,004.40, down 36.70 points or 0.07%, while the Nifty Smallcap 100 index rose by 10.85 points, or 0.06%, to 16,980.60.

Market observers noted that while Nifty extended its winning streak for the seventh consecutive day on 23 April, today’s session might be more volatile, as traders roll over their April F&O positions.

According to Prashanth Tapse, Senior VP (Research) at Mehta Equities, “Markets may find support amid RBI’s benign inflation outlook, renewed FII interest, easing Fed concerns, and improving US-China trade sentiment. Nifty remains bullish above its 200-DMA (24,052) with an upside target of 24,858. Preferred strategy: buy on dips.”

Top Gainers & Losers

Among the top gainers in the Sensex pack were Bajaj Finance, Bajaj Finserv, Tata Motors, Maruti Suzuki, Hindustan Unilever Limited, and SBI.

In contrast, the top losers included Eternal, Infosys, HDFC Bank, Sun Pharma, ICICI Bank, and TCS.

On the global front, the US markets closed higher with the Dow Jones gaining 1.07% to 39,606.57, the S&P 500 rising by 1.67% to 5,375.86, and the Nasdaq up by 2.50%, finishing at 16,708.05.

Asian markets showed mixed performance, with Japan and Jakarta in the green, while Seoul, Hong Kong, Bangkok, and China were in the red.

Foreign Institutional Investors (FIIs) were net buyers of equities worth Rs 3,332.93 crore on 23 April, while Domestic Institutional Investors (DIIs) sold equities worth Rs 1,234.46 crore on the same day.

Analysts suggest that the PSU Banking sector may offer better entry points following further market corrections, while Railway stocks are gaining interest, though clearer signals are needed before making a decisive move.

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