Indian stock markets opened flat ahead of the Budget presentation, with mixed sectoral performance. The recent tariff announcement by former US President Donald Trump dampened investor sentiment, casting uncertainty on market outlook
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Indian stock markets opened on a flat note in a special Saturday trading session, as investors awaited the upcoming Budget presentation. The Nifty 50 index saw a marginal gain, opening at 23,528.60, up by 20.20 points or 0.09 per cent, while the BSE Sensex opened at 77,637.01, increasing by 136.44 points or 0.18 per cent.
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As per ANI reports, market experts attributed the muted opening to the recent tariff proposal from former US President Donald Trump, which had a dampening effect on the market sentiment surrounding the Budget. Trump's plan to impose a 25 per cent tariff on Canada and Mexico, alongside a 10 per cent tariff on China, led to a cautious outlook from investors. With the Budget just around the corner, market participants are keeping a close eye on any potential negative announcements that could adversely affect market performance.
Banking and market expert Ajay Bagga shared his perspective with ANI, saying, "Trump tariffs announced. Trump will levy 25 per cent on Canada and Mexico, 10 per cent on China. Today. Deal with that, markets! US markets were up until this announcement and then eased off. India will look at key parts of the Budget. From deep skepticism, markets being perennial optimists have become cautiously sanguine. Stage set for disappointment? Possibly."
Sectoral indices showed mixed movements, with most opening in the green, except for the Nifty Private Bank and Nifty Oil & Gas sectors. The Nifty Consumer Durables index stood out as the top gainer among the sectoral indices.
According to ANI, at the time of filing, 27 stocks in the Nifty 50 index were trading in positive territory, while 24 stocks remained in the red. Analysts are monitoring how the Budget will influence market sentiment, with a focus on key aspects such as tax policies, fiscal measures, and government spending.
Akshay Chinchalkar, Head of Research at Axis Securities, commented on the recent market performance, noting, "The Nifty finished higher for the fourth consecutive day yesterday, a streak not seen since December 4th. In doing so, we also managed a close above the 10th January breakdown area, which marks a positive start for bulls looking to extend the rebound. However, overhead resistance remains significant, with the next key hurdle appearing around the 23,632 mark, followed by the critical range of 23,763 - 23,811. Immediate support is seen in the 23,339 - 23,387 range, followed by 23,109. Given that it is Budget day, the ranges are wider than usual."
As per ANI, several major companies are expected to announce their Q3 results today. Notable names include Anant Raj, Vinati Organics, Aarti Industries, G R Infraprojects, Jaiprakash Power Ventures, Neogen Chemicals, Ganesha Ecosphere, Windsor Machines, Finkurve Financial Services, Apex Frozen Foods, Bhageria Industries, Prevest Denpro, and Kore Digital.
Investors will continue to watch developments closely, as the Budget presentation and the broader global economic landscape remain pivotal in shaping market movements in the near term.
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