Mumbai (Maharashtra) [India], February 12 (ANI): The selling spree continued in the Indian stock markets on Wednesday as both indices opened in the red.
The Nifty 50 index opened with a dip of 21 points at 23,050, while the BSE Sensex declined by more than 114 points to open at 76,179 points.
Experts stated that markets are under pressure due to tariffs imposed by Trump and consistent FII selling. The meeting between PM Modi and Trump will be watched closely for any outcomes related to closer cooperation on defense, energy, the China+1 strategy, and a glide path for tariffs between both countries.
Ajay Bagga Banking and Market Experts told ANI, “Steel and Aluminum tariffs of 25 per cent were announced by the Trump administration. For India, Prime Minister Modi’s summit with President Trump will be watched closely for any policy outcomes of closer cooperation on defence, energy, China+1 and a glide path for tariffs. As such we are cautious given continued FPI selling and pressure on small and midcaps. US CPI numbers today are expected at 3.1 per cent YoY and 0.3 per cent MoM for Core US CPI. Any number above that could lead to a minor risk off. Caution advised till a durable bottom is identified”.
In the sectoral indices today, the highest selling pressure was witnessed in the Oil and Gas sector, while the Nifty Media index opened with the highest gains of 0.4 percent. Nifty Auto and Nifty FMCG were almost flat, leaning towards the red.
In the Nifty 50 share list, 29 stocks opened with gains, while 16 stocks declined, and 5 remained unchanged.
The top gainers of the Nifty 50 index include Bajaj Finserv, Tata Steel, TCS, Wipro, and HCL Tech, while Mahindra & Mahindra, Reliance, and Apollo Hospitals opened as top losers.
“Broader benchmarks underperformed, with nearly 96 per cent of the NSE 500’s constituent members ending in the red. Prevailing sentiment is undoubtedly weak, but with less than 10 per cent of the stocks in this benchmark under their 100-day averages, we are at a point where the decline is at a very mature stage, and that means the risk of a rebound remains high. For the day, support lies in the 22900 – 22970 area, while resistance rests between 23250 and 23300” said Akshay Chinchalkar, Head of Research, Axis Securities.
Regarding third-quarter results, Hindustan Aeronautics, Siemens, Power Finance Corporation, Muthoot Finance, Rail Vikas Nigam, Ashok Leyland, Bharat Forge, Jubilant FoodWorks, and Godrej Industries are some of the major companies set to announce their Q3 financial results.
In other Asian markets on Wednesday, except for Taiwan’s Weighted Index, all other Asian markets gained at the time of filing this report. Hong Kong’s Hang Seng index surged by more than 1.9 percent, while Japan’s Nikkei index was up by 0.16 percent, and South Korea’s Kospi index gained 0.14 percent. (ANI)
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