Indian equity indices opened Thursday’s trading session on a flat note. The NSE Nifty 50 opened at 25,200, while the BSE Sensex surged a mere 20 points to trade near 82,650.
In line with the overall markets, Bank Nifty also opened on muted lines at 57,100. However, the small and midcap outperformed; the Nifty Midcap 100 opened 0.21% higher at 59,745.
“There are no triggers for the market to break out of the consolidation range in which it has been stuck for two months now. Even an India-US interim trade deal has been discounted by the market, leaving no scope for a sharp rally decisively breaking the range,” said VK Vijayakumar, Chief Investment Strategist at Geojit Investments.
“One positive and surprise factor that can trigger a rally is a tariff rate much below 20%, say 15%, which the market has not discounted. So, watch out for developments on the trade and tariff front,” added Vijayakumar.
Let’s take a look at the key factors to watch out for today’s trading session
Early gainers and laggards
In early trade, among the Nifty 50, top gainers at this hour were IndusInd Bank, Hindalco, Eicher Motors, Trent, and Hero MotoCorp, among other stocks. On the flip side, the key laggards in the Nifty 50 pack included Tech Mahindra, ICICI Bank, HDFC Life Insurance, SBI Life, and Zomato.
Major movers on Thursday
The stocks that remained under pressure included HDFC Bank, Bharti Airtel, M&M, Sun Pharma, and Hindalco, which were the major movers in the morning trade.
Global markets
Asia-Pacific markets opened Thursday on a lower note as the US President Donald Trump denied his intent to fire Jerome Powell as Federal Reserve chairman. However, the US markets closed Wednesday overnight on a higher note on the same news.