The Indian benchmark indices opened in mild red zone on Thursday, amid mixed global cues and persistent selling by FIIs
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MUMBAI — The Indian benchmark indices opened in mild red zone on Thursday, amid mixed global cues and persistent selling by foreign institutional investors (FIIs).
As of 9.25 am, Sensex declined 68 points, or 0.08 per cent at 84,398 and Nifty dipped 15 points, or 0.05 per cent to 25,860.
The broadcap indices performed in line with the benchmarks, with the Nifty Midcap 100 down 0.13 per cent and the Nifty Smallcap 100 dipped 0.27 per cent.
Tata Steel, Hindalco and Dr Reddy's Labs were among the major gainers in the Nifty Pack, while losers included Bajaj Finance, Apollo Hospitals, Shriram Finance and TCS.
All the sectoral indices were trading in green except FMCG (down 0.78 per cent), IT and private bank. Nifty Metal was the standout gainer up 1.52 per cent.
A possible India-US trade deal that removes penal tariffs and reduces reciprocal tariffs is an important economic factor that should be watched for, said analysts.
The decline in October retail inflation in India to 0.25 per cent indicates the possibility of a rate cut from the RBI MPC in December. But the monetary policy transmission turning weak has become a challenge for the RBI, they added.
Analysts placed immediate resistance for Nifty at 25,950, followed by 26,000, and support at 25,700 and 25,750 zones.
Most of the Asia-Pacific markets rose in early trading sessions after US House of Representatives passed a short-term funding bill to end the longest federal shutdown on record.
The US markets ended in green zone overnight as the S&P 500 added 0.06 per cent, and the Dow inched up 0.68 per cent. However, Nasdaq continued its decline, slipping 0.26 per cent.
In Asian markets, China's Shanghai index added 0.3 per cent, and Shenzhen inched up 1.62 per cent, Japan's Nikkei advanced 0.2 per cent, while Hong Kong's Hang Seng Index eased 0.45 per cent. South Korea's Kospi declined 0.17 per cent.
On Wednesday, foreign institutional investors (FIIs) sold equities worth Rs 1,150 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 5,127 crore.