Mumbai (Maharashtra) [India], April 17 (ANI): Indian stock markets opened on a flat note on Thursday as investors reacted cautiously to the beginning of the fourth-quarter earnings season and weak global cues. Both benchmark indices saw minor declines in the early session.
The Nifty 50 index opened at 23,401.85, down 35.35 points or 0.15 per cent, while the BSE Sensex started the day at 76,968.02, falling by 76.27 points or 0.10 per cent.
Market experts said investor sentiment remains under pressure due to ongoing concerns over tariffs imposed by US President Donald Trump. In addition, US Federal Reserve Chair Jerome Powell recently pointed out the significant impact of tariffs on the global economy, adding to the market’s cautious tone.
Ajay Bagga Banking and Market told ANI “The outperformance of the Indian markets is the story of the week, with FPI flows turning positive for the last two days. Financials have led the charge on expected lines while globally linked sectors like IT have struggled. US markets closed lower on bad news from chip makers and on a straight talking speech by Fed Chair Powell which acknowledged the uncertain though significantly higher impact of Trump tariffs on the economy”.
He further added “The market week ends today as the Good Friday holiday ends the truncated week. As we head into the Easter weekend, markets remain under the sway of enhanced volatility and whipsawing moves either ways”.
The focus today is on the fourth-quarter earnings of several key companies. Infosys, HDFC Life Insurance Company, Jio Financial Services, HDFC Asset Management Company, Tata Elxsi, and Mahindra EPC Irrigation are among the firms announcing their results today. Investors are closely watching these reports for guidance on the market’s next move.
On the sectoral front, most indices opened in the red. Except for Nifty Pharma, Nifty PSU Bank, and Nifty Realty, all other sectors remained under pressure. Nifty Auto declined by 0.89 per cent, while Nifty IT dropped more than 2 per cent, reflecting a significant sell-off in technology stocks.
Akshay Chinchalkar, Head of Research, Axis Securities said “The nifty gained yesterday after holding above immediate support defined by Tuesday’s Hanging Man candle low of 23207. That said, the index is now testing an area defined by a key Fibonacci resistance level and the falling trendline originating at the record high and passing through the March highs of 23869; this spans the 23475 – 23600 zone. Yesterday’s close was also above the 100-day moving average in a sign of encouragement for bulls”.
With earnings season now underway, market participants are expected to remain cautious and stock-specific in the coming sessions. (ANI)
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