Indian market facing pressure with FPI consistently selling in secondary market

New Delhi: Indian benchmark indices Nifty and Sensex commence Friday’s trading session with a muted stance by influencing from the global market cues.

Nifty 50 opened with marginal gain of 20 points at 22,590.45 while the BSE Sensex opened with 68 points lead at 74,408.11. In the Nifty 50 index at the time of filing this report 36 shares were trading in advance while the 13 declined and 1 remain unchanged.

At 10:16 am, Sensex was trading 102.66 points down at 74,236.78, whereas Nifty was trading 16.15 points down at 22,554.20.

“Emerging markets and their currencies are under pressure with the US inflation rising again and the increase in commodity prices, especially oil. India is facing these pressures with foreign portfolio investors consistently selling in the secondary markets. Sideways markets going into the weekend is the best bet today” said Ajay Bagga, Banking and Market expert.

Nifty Bank and Nifty financial service index opened in red with a marginal dip of 16 and 74 points. The Bajaj Finance share price also declined by more than 6 per cent to Rs 6,827 after the company announced the results for the fourth quarter. The Kotak Mahindra Bank share opened with a very marginal gain of Rs 5 at Rs 1647 after declining more than 10 per cent on the Thursday’s trading session.

In the Nifty 50 index Tech Mahindra, LTIMindtree Ltd, Divi’s Lab and Wipro made into the list of Top gainers while the Bajaj Finance and Bajaj Finserve and Apollo Hospital made into the list of top losers.

“Positive development is indicative of potential further upside for the market, projecting a resumption of the short-term uptrend. With a new higher bottom formed at 21,777, expectations lean towards the Nifty ascending to form a new higher top around 22,800 levels” said Varun Aggarwal, MD, Profit Idea.

The Asian tech sector witnessed gains following robust earnings reports from US giants Microsoft Corp. and Alphabet Inc. Meanwhile, anticipation surrounded the Bank of Japan’s policy decision, with expectations leaning towards measures to reduce government bond purchases amidst rising yields.

(With inputs from ANI)


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