Mumbai (Maharashtra) [India], February 27 (ANI): Indian stock markets opened with marginal gains on Tuesday despite ongoing selling pressure from foreign investors, which continues to weigh on market sentiment.
The benchmark Nifty 50 index opened at 22,568.95, rising by 21.40 points or 0.09 per cent, while the BSE Sensex started the session at 74,706.60, gaining 104.48 points or 0.14 per cent.
Market experts have highlighted that muted corporate earnings, concerns over economic slowdown, and persistent outflows by Foreign Portfolio Investors (FPIs) have led to deep pessimism in the markets. As the February derivatives expiry unfolds, investors are closely monitoring market movements to gauge further trends.
Ajay Bagga Banking and Market Expert told ANI “Indian markets are in deep pessimism due to the muted earnings, economic slowdown and FPI outflows. The RBIs move to remove the foot off households’ credit risk weights would normally lead to a rally in banking stocks. The MFI loans drag is already digested in the price of financials. We have to wait and watch to see how today’s February expiries progress. Overall it’s deep dark clouds with the sun trying to break through.
Sectorally, the National Stock Exchange (NSE) reflected mixed trends at the opening bell. Nifty Auto, Media, Metal, and Realty indices were under pressure, opening in the red, while other sectors managed to start the day on a positive note.
Among the Nifty 50 stocks, 26 scrips opened in the green, 23 declined, and one remained unchanged. The top gainers in early trade included Shriram Finance, Bajaj Finance, and IndusInd Bank, while Ultratech Cement, Bajaj Auto, Grasim, and Trent emerged as the major losers.
Akshay Chinchalkar, Head of Research, Axis Securities “The nifty ended down for the sixth day along with the India vix, which means investors may be thinking that in the near-term at least, the downside is limited. Still, Tuesday’s attempted rebound failed to stick and generated a candle with a long upper shadow, which means there is serious overhead resistance. Support remains anchored between 22370 and 22500, while bulls need a daily close above 22720 to make a run toward next resistance between 23050 and 23280”.
As global and domestic factors continue to influence market movements, investors remain cautious about the near-term outlook. The focus now shifts to how the markets will navigate through the February expiry session and whether buying interest can sustain gains amid broader economic concerns. (ANI)
