On the National Stock Exchange, the Nifty Metal index led advances with a 0.84 per cent increase in the opening session, while the Nifty Bank, Nifty Auto, and Nifty IT indices fell slightly. In the Nifty 50, 23 stocks opened higher, while 18 dropped.
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Indian stock markets opened flat on Wednesday, with the Nifty 50 and BSE Sensex falling slightly as their monthly and quarterly expiry dates approached. Despite this, many believe the markets are still in a long-term bull period. The Nifty 50 index opened at 25,899.45 points, down 40.95 points (0.16 per cent), while the BSE Sensex opened at 84,836.45 points, down 77 points (0.09 per cent), reported ANI.
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Ajay Bagga, a banking and market expert, noted, "Given the monthly/quarterly expiry on Thursday, we expect the markets in India to be volatile and flat as the September series ends with indices near or at all-time highs. The next key market drivers will be the US PCE data on Friday and the September US jobs report on 4th October. Additionally, the RBI's monetary policy decision on 9th October will be crucial for the future trajectory of Indian markets. We advise staying fully invested and buying on dips, as we foresee a decades-long bull market in India."
On the National Stock Exchange, the Nifty Metal index led advances with a 0.84 per cent increase in the opening session, while the Nifty Bank, Nifty Auto, and Nifty IT indices fell slightly. In the Nifty 50, 23 stocks opened higher, while 18 dropped.
Reportedly, VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated, "The strong domestic liquidity that is driving India's market rally is likely to keep the market resilient." For Nifty to convincingly reach the 26,000 level, it will require support from the Bank Nifty, which still has room to climb."
He also pointed out that Chinese monetary stimulus measures had lifted Chinese and Hong Kong markets the previous day. "If this rally continues, it's possible that foreign investors will shift more funds to these markets, which are currently very attractive due to their valuations. In India, metal stocks rallied in response to the Chinese stimulus measures," Vijayakumar further told ANI.
Elsewhere in Asia, Japan's Nikkei index rose 0.07 per cent, while Hong Kong's Hang Seng rose 2.03 per cent. Taiwan's index rose 1.30 per cent, while South Korea's markets stayed steady at the time of the report, said ANI.
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