Mumbai (Maharashtra) [India], March 10 (ANI): The bearish trend in the Indian stock market continues into the new week, as both indices opened almost flat with mixed trends on Monday.
The Nifty 50 index opened at 22,521.85, declining by 30.65 points or 0.14 percent, while the BSE Sensex opened at 74,474.98, registering a marginal gain of 142.40 points or 0.19 percent.
Experts noted that ongoing global tensions, such as the cycle of Trump threatening, levying tariffs, rolling them back, and then threatening afresh, are spoiling market sentiment and rapidly eroding U.S. goodwill and soft power.
The second-order impacts of tariffs, including worsening business outlooks, declining consumer sentiment, inflation threats, and risks to economic growth, are adding to market concerns.
Ajay Bagga Banking and Market Expert told ANI “Indian markets are in a shadow of the global polycrises in the making and we can’t expect a sustainable bottom formation till there is a semblance of order restored in global economic relations and geopolitics. Time to stay cautious and invest fresh funds in a slow format to allow markets time to discount the Trump Multifront Disruptions”.
He further added “Second order impacts of the tariffs, in terms of worsening business outlooks and consumer sentiments, threat of inflation, threat to economic growth and the geopolitical risk of a NATO retreat by the US are now becoming visible, but in unexpected ways like a weakening US dollar and a falling US market”.
Among the sectoral indices on the National Stock Exchange, Nifty Bank and Auto shares were under pressure, while other indices were in the green. The Nifty Media index surged more than 1 per cent during the opening session.
In the Nifty 50 list, 28 stocks opened in decline, while 20 stocks opened in the green, and two remained unchanged.
IndusInd Bank emerged as the top loser in the Nifty 50, declining by 5.35 per cent, followed by Mahindra & Mahindra, which fell by 2.22 percent, and Trent, which declined by 1.29 per cent.
“Currently, the Nifty 50 is bouncing back from support and approaching resistance. A breakout above 23400 would further signal an uptrend in the sector. Volume suggests increasing buying pressure, potentially pushing the price to higher highs. Overall, the market shows a reversal trend. A crucial resistance breakout would signal a trend reversal, ending the bearish trend and starting a bullish one” said Sunil Gurjar, SEBI-registered research analyst and founder of Alphamojo Financial Services.
In other Asian markets, a mixed trend was observed. Japan’s Nikkei 225 and South Korea’s KOSPI index opened with gains, while other Asian indices declined. At the time of filing this report, Hong Kong’s Hang Seng index was down by more than 2 per cent, while the Taiwan Weighted Index declined by 0.36 per cent. (ANI)
