Mumbai (Maharashtra) [India], March 28 (ANI): Indian stock markets opened flat on Friday, striking a balance between the bear and bull gangs in the market.
The Nifty 50 index opened at 23,600.40 points with a moderate surge of 8.45 points (0.04 per cent), while the BSE Sensex opened at 77,690.69 with a gain of +84.26 points (+0.11 per cent).
Experts stated that Indian markets are benefitting from domestic macro tailwinds and are waiting for global headwinds to subside for now. After the US imposed tariffs on auto imports, the European auto manufacturers’ body highlighted that European carmakers with plants in the US export 60 per cent of their US output to other countries.
Ajay Bagga, Banking and Market Expert told ANI “With Monday a market holiday in India and the month-end, year-end having happened on Thursday for March, FY2025 expiries, expect muted volumes and squaring off of positions by the afternoon to avoid exposure into the long weekend. Auto tariffs have seen auto manufacturer stock prices falling from Japan to Korea to Europe and even in the US”.
He further added “We saw an interesting statement today by the European Auto manufacturers body. They highlighted that European car makers with plants in the US, export 60 per cent of their US output to other countries. As tariffs and counter tariffs rise, there will be a bewildering array of increased costs, falling margins and consequently reducing demand”.
The top openers in Nifty 50 include ONGC, BEL, Tata Consumers, NTPC, and Kotak Bank, while the top losers in the opening session were Mahindra & Mahindra, Cipla, and Dr. Reddy’s.
In the sectoral indices, Nifty FMCG, Nifty IT, and Nifty PSU Bank opened under pressure, while other indices opened with moderate gains. The Nifty Auto index also surged 0.25 per cent after experiencing a volatile session in the negative yesterday.
Akshay Chinchalkar, Head of Research, Axis Securities said “Technically, yesterday was an example of a lower open but a swift recovery and a reasonably strong close. Note that the opening decline also held key support at 23402, where the final gap-up rests. Until this level holds, the market will attempt to overcome resistance that lies in the 23640 and 23720 zone followed by the important swing high at 23869. Also, foreigners net shorts in index futures fell sharply by over 53000 contracts, which means the mood there is turning more optimistic”.
In other Asian markets, all major indices were under pressure at the time of filing this report. Japan’s Nikkei 225 index declined by more than 2 per cent, Taiwan’s Weighted Index declined 1.69 per cent, South Korea’s KOSPI index was down by 1.85 per cent, and Hong Kong’s Hang Seng index fell by 0.47 per cent. (ANI)
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