Mumbai (Maharashtra) [India], February 1 (ANI): Indian stock markets opened flat in a special trading session on Saturday, ahead of the Budget presentation.
The Nifty 50 index opened at 23,528.60, registering a gain of 20.20 points or 0.09 per cent, while the BSE Sensex index opened at 77,637.01, up by 136.44 points or 0.18 per cent.
Market experts noted that the recent tariff announcement by former US President Donald Trump has dampened the Budget rally sentiment.
Trump has proposed a 25 per cent tariff on Canada and Mexico and a 10 per cent tariff on China. Investors will now closely monitor the Budget, as any negative news could impact market performance.
Ajay Bagga, Banking and Market Expert told ANI “Trump Tariffs announced. Trump will levy 25 per cent on Canada and Mexico, 10 per cent on China. Today. Deal with that Markets! US markets were up till this announcement and then eased off. India will look at key parts of the Budget. From deep skepticism markets being perennial optimists have become cautiously sanguine. Stage set for disappointment? Possibly”.
Among sectoral indices, all opened with gains except Nifty Private Bank and Nifty Oil & Gas. Nifty Consumer Durables emerged as the top gainer among sectoral indices.
At the time of filing this report, 27 stocks in the Nifty 50 index were trading in the green, while 24 stocks were in the red.
Akshay Chinchalkar, Head of Research, Axis Securities said “The Nifty finished higher for the fourth straight yesterday, a streak not seen since December 4th. In doing so, we also managed a close above the 10th January breakdown area, which is a start for bulls looking to extend the rebound. Still, overhead resistance is aplenty, with the next upside and key hurdle kicking in around 23632 followed by the critical 23763 – 23811 zone. Immediate support lies in the 23339 – 23387 area, followed by 23109. The ranges are wider than usual since its budget day”.
Several major companies are set to announce their Q3 results today, including Anant Raj, Vinati Organics, Aarti Industries, G R Infraprojects, Jaiprakash Power Ventures, Neogen Chemicals, Ganesha Ecosphere, Windsor Machines, Finkurve Financial Services, Apex Frozen Foods, Bhageria Industries, Prevest Denpro, and Kore Digital. (ANI)
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