The Indian stock market opened lower on Thursday owing to selling in the auto, IT, PSU, and financial services sectors. Experts speculate that quarter 3 results were the driving force behind this.
Sensex traded at 77,879.72 following the dip of 268.77 points or 0.34 percent, while Nifty was trading at 23,610.55 after declining 78.40 points or 0.33 percent at 9 AM.
On the National Stock Exchange (NSE), 1,177 stocks were trading in green, while 958 stocks were in red.
Nifty Bank was down 202.90 points or 0.41 percent at 49,632.15. Nifty Midcap 100 index was trading at 56,172.40 after dropping 98.20 points or 0.17 percent. Nifty Smallcap 100 index was at 18,357.95 after declining 7.70 points or 0.04 percent.
According to experts, with the Q3 results season starting today, there will be a market reaction to results.
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The results of TCS will indicate what is in store for the IT sector. The strength of the US economy and the depreciation of the rupee will be tailwinds for the IT sector.
“Premium segments like hotels, jewelry, automobiles catering to the premium market and airlines are likely to report good numbers,” according to experts.
Expectations from US President Donald Trump’s policy decisions and the Indian Union Budget proposals will keep the market volatile in the coming days,” they noted.
Meanwhile, in the Sensex pack, SBI, Zomato, Sun Pharma, L& T, HDFC Bank, ICICI Bank, UltraTech Cement, Nestle India, Tata Steel, Bajaj Finance, and Power Grid were the top losers. Meanwhile, Kotak Mahindra Bank, Tata Motors, M& M, Asian Paints, TCS, Infosys,, and Hindustan Unilever were the top gainers.
The Dow Jones climbed 0.25 percent to close at 42,635.20. The S& P 500 gained 0.16 percent to 5,918.30 and the Nasdaq declined 0.06 percent to close at 19,478.88 in the last trading session.
In the Asian markets, Jakarta, Hong Kong, and Seoul were trading in the green, while China, Bangkok, and Japan were trading in the red.
“So far in January, FIIs have sold equity for Rs 10,419 crore. With the dollar index at 109 and the 10-year bond yield at 4.67 percent, FIIs are likely to continue with their selling strategy putting pressure on the market in the near term,” said experts.
FIIs sold equities worth Rs 3,362.18 crore on January 8 and domestic institutional investors bought equities worth Rs 2,716.28 crore on the same day.
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