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Sunday, January 29, 2023
Stocks & Shares

Nifty likely to open flat despite gains in global markets


Nifty closed higher for the second consecutive session on Nov 8 and closed above 18000 level

Despite a positive performance in global markets, the Indian equity indices BSE Sensex 30 and Nifty50 are expected to open flat on Tuesday’s session, as the Nifty 50 Futures listed on the Singapore-based Exchange SGX, an early indicator of how Nifty50 would perform, is trading 44.5 points or 0.25% lower at 18,131 points at 8:30 am on Tuesday.

Indian markets could open flat following rangebound Asian markets today and despite minorly positive US markets on Monday, said Deepak Jasani, Head-Retail, HDFC Securities.

Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd said: Markets will take direction from number of macro events due this week including the US inflation data and the UK GDP data apart from various Federal Reserve speeches. Further this is the last week of the earnings season which would keep the markets volatile. A lot of stock specific action would be seen in the market.

Mohit Nigam, Head-PMS, Hem Securities said: The benchmark Indices are expected to open on a cautious note as suggested by trends on SGX Nifty. US markets closed on a green note and majority of the European markets closed in red yesterday. Asian shares followed Wall Street higher in early trade on Tuesday as the passage of the US infrastructure bill boosted sentiment while oil prices gained on the outlook for energy demand in an expansive global economy.

Nifty closed higher for the second consecutive session on Nov 8 and closed above 18000 level. At close Nifty was up 0.85% or 151.7 points to 18068.5.

Nifty advanced for the second straight day with higher volumes and positive advance decline ratio. A move above the 18115-18125 band could lead to more upsides while 17947-17970 is a support band for the Nifty in the near-term.


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