Indian stock markets opened on a flat note on Thursday, with both the Sensex and Nifty trading in the green.
At the opening bell, the NSE Nifty gained 10.50 points or 0.05% to 23,055.75, while the BSE Sensex surged 30.02 points or 0.04% to 76,201.10. The Nifty Bank index fell 10.10 points to 49,469.35.
Ahead of market opening, GIFT Nifty hinted at a subdued start for Indian equities.
“When the market is in oversold territory, some triggers can ignite a rally. The Indian market is in highly oversold territory and, therefore, is likely to rally on positive news expected from the Trump-Modi talks today. Some agreement is likely between the US and India on reciprocal tariffs,” said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
“A positive domestic trigger is the better-than-expected decline in CPI inflation in January to 4.31% from 5.22 % in December 2024. The decline in inflation trajectory justifies the MPC’s rate cut this month and creates a favourable condition for another 25 bp rate cut in April. This augurs well for the stock market in general and rate-sensitives in particular. From the market perspective, the elephant in the room continues to be the sustained FII selling which is showing no signs of abating,” he added.
Recap of Wednesday’s market performance
On February 12, Indian stock markets extended their losing streak for the sixth consecutive session. Despite a mid-session recovery, the indices failed to sustain gains and closed marginally lower.
By the end of the session, the Sensex fell 122.52 points or 0.16% to 76,171.08, while the Nifty slipped 26.55 points or 0.12% to 23,045.25. The broader market also struggled, with BSE Midcap and Smallcap indices dropping 0.5% each.
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