Mumbai (Maharashtra) [India], February 19 (ANI): Indian stock markets on Wednesday opened lower despite mixed global cues and uncertainties and US tariff concerns announced by President Donald Trump.
At the opening of the trading session today, the BSE Sensex was down, opening at 75,787.27. The Nifty 50 at the National Stock Exchange (NSE) opened in red territory at 22,847.25.
In the opening hour, about 788 stocks advanced, 1403 stocks declined, and 147 shares remained unchanged.
On NSE, the stocks of Tata Consumer, HCL Tech, NTPC, JSW Steel, and Kotak Mahindra Bank were among the major gainers, while major losers were Dr. Reddy’s Labs, Cipla, Apollo Hospitals, ICICI Bank and Trent.
According to the analysts, the volatility is expected to remain high due to ongoing concerns over US tariff-related issues.
“We see a challenge to markets from the rapid cross-currents of geopolitical risk, tariff wars, competitive currency devaluations and stubborn inflation, which could worsen due to policy protectionism,” said Ajay Bagga, market and banking expert.
“We see further downsides rather than a recovery in Indian stocks and FPI flows, ” Bagga added, observing the foreign investment patterns.
“For now Indian markets are in a tight pattern, with a higher probability of a near term break downwards on the back of sustained FPI selling pressures,” he added.
“Yesterday was another day on which the Nifty’s opening slump ran into support, yet again, in the 22700 – 22800 area and reversed – so surely this zone continues to show how much it matters. Candles-wise, beginning Friday, each of the three candles shows a strong presence of buyers, but bulls have to send the benchmark above the most recent swing top of 23235 to bolster the case for an extended recovery. Till that happens, weakness is expected to prevail despite depressed sentiment,” said Akshay Chinchalkar, Head of Research, Axis Securities.
In the opening hour, the pharma stocks can be seen under pressure due to President Trump’s reiteration of a 25 per cent tariff on the sector.
On the other hand, the broader market recovered in the initial hour with defence stocks buzzing in trade. (ANI)
