On Wednesday, the Indian stock market commenced trading on a negative note, with major players like Nestle and Infosys leading the declines in early sessions.
The BSE Sensex started at 81,611.07, down by 209.05 points, or 0.26%. Similarly, the NSE Nifty opened at 24,999.45, experiencing a decrease of 57.90 points, or 0.23%.
Despite this sluggish start, overall market sentiment showed signs of resilience. On the National Stock Exchange (NSE), 687 stocks were in the green, while 555 were in the red. The Bombay Stock Exchange (BSE) mirrored this trend, with 61 stocks advancing and 52 declining.
The Nifty Bank index was noted at 51,878.45, down by 27.55 points, or 0.05%. Conversely, the Nifty Midcap index saw a slight uptick, trading at 59,635.05, gaining 41.80 points, or 0.07%. The Nifty 100 index slipped to 26,120.20, down by 28.90 points, or 0.11%.
Among the Sensex constituents, Asian Paints, HDFC Bank, Bajaj Finserv, and Power Grid emerged as top gainers, while Nestle and Infosys were the notable losers. In the Nifty pack, SBI Life Insurance, HDFC Life, BPCL, and Asian Paints led the gains, while Trent, M&M, TCS, and Kotak Mahindra were the biggest losers.
Market analysts attribute the recent bull run to robust domestic inflows, which have been effectively offsetting the selling pressure from foreign institutional investors (FIIs).
However, they caution that high valuations may limit further upward movement.
Experts stated, “The domestic flows will continue to support the market but elevated valuations will put a cap on the upside. Nifty is likely to consolidate around 25,000 levels. Q2 earnings will be weak except in IT, banking and pockets of autos.”
In the broader Asian market, stock exchanges in Tokyo, Bangkok, and Seoul reported losses, while Shanghai, Hong Kong, and Jakarta experienced gains. Meanwhile, the US stock market closed lower in the previous trading session, adding to the cautious sentiment in global markets.
As trading progresses, investors are keeping a close watch on market trends and corporate earnings reports, which will play a crucial role in shaping future market directions.
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