Indian stock markets opened with gains on Friday after the rally in other Asian stocks. The Nifty 50 index opened at 23,411.80 points, up 61.90 points or 0.27 percent, while the BSE Sensex index opened at 77,349.74 points, up 193.95 points or 0.25 percent.
Experts stated that markets are still cautious, and Maharashtra election results over the weekend may provide further direction to the stocks. Yesterday’s FIIs selling was high due to selling pressure in the Adani group of stocks. Ajay Bagga, a Banking and Market Expert, said, “The Indian stock market is expected to be cautious today due to mixed global and domestic cues. The markets will watch Maharashtra election results on Saturday from the corner of their eyes. Rising oil prices on Ukraine Russia escalation will be watched carefully”.
He added, “The FPI sale number was disappointingly large yesterday, probably due to the Adani group selling. As the fifth largest economy and the fifth largest market in the world, Indian investors and markets need to take such developments in their stride and not overstress.”
The Adani group of stocks continues downward after US prosecutors charged Gautam Adani and others in an alleged solar energy contract bribery case. Adani Green declined more than 8 percent when filing this report. The sectoral indices on the National Stock Exchange opened with gains, except for Nifty FMCG, Nifty Media, Nifty Metal, and Nifty Consumer Durables. Nifty Bank led the gains with a surge of 0.65 percent.
“With the Nifty falling to a new low for this decline, the focus is now squarely on a major node near 23,200. This area offers support from multiple indicators, including a key Fibonacci retracement from the election day lows, a rising trendline from the October ’23 trough, a falling channel currently in play and the so-called daily Ichimoku cloud. We are also close to a time-reversal area that will cover early next week,” said Akshay Chinchalkar, Head of Research at Axis Securities. In other Asian markets, Japan’s Nikkei 225 rallied more than 1 per cent, Taiwan’s Weighted Index gained more than 1.74 per cent, and South Korea’s KOSPI was up by 1.13 per cent. However, the markets of Hong Kong and China were down at the time of filing this report.
