Experts underlined that Foreign Institutional Investors (FIIs) continue to exert pressure on Indian stocks. However, they think that the situation will improve, with a sharp comeback in the next weeks
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The Indian stock markets opened down on Friday, as foreign investors continued to sell throughout October. The Nifty index opened 0.34 per cent down, down 84 points to 24,664.95, while the BSE Sensex slid 257 points, or 0.32 per cent, to open at 80,749.26, reported ANI.
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The news agency report stated that experts underlined that Foreign Institutional Investors (FIIs) continue to exert pressure on Indian stocks. However, they think that the situation will improve, with a sharp comeback in the next weeks.
“We remain optimistic as the FII selling may have crossed the halfway mark already and as it tones down, the domestic flows will help recovery. When the recovery happens it will be sharp and concentrated, giving long-term investors motivation to stay put during the harrowing volatility of a roller coaster market that has repeatedly tested support levels but remains oversold, hence ripe for a bounce sometime in the next few weeks,” Ajay Bagga, a banking and market expert, told ANI.
In the larger NSE market, all indices, including the Nifty Next 50 and Nifty 100, opened in the red, under selling pressure. The majority of sector indices declined, except Nifty FMCG and Nifty Private Bank, which remained constant. The Nifty IT index experienced the steepest drop, falling by more than 1.21 per cent. In the Nifty 50, 29 stocks dropped, 12 opened higher, and 9 were unchanged.
Today, major corporations such as Jio Financial Services, Hindustan Zinc, Tata Consumers, ICICI Insurance, and L&T Finance will report their second-quarter financial results.
Other Asian markets opened positively on Friday, with Hong Kong’s Hang Seng and Taiwan’s Taiwan Weighted up by over 1.5 per cent. Japan’s Nikkei index also gained 0.38 per cent, while South Korea’s KOSPI index saw a marginal decline.
In the US markets, both the S&P 500 and Nasdaq closed flat on Thursday, with the S&P 500 posting a slight gain and the Nasdaq a marginal dip.
Rupee slips 1 paisa to 84.07 against US dollar in early trade
The rupee slipped 1 paisa to 84.07 against the US dollar in early trade on Friday as the weakening American currency failed to support local units amid bearish domestic equity markets and higher crude oil prices.
At the interbank foreign exchange, the rupee opened flat at 84.06 against the dollar and lost further to 84.07, trading 1 paisa lower from its previous close.
With PTI inputs
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