Mumbai (Maharashtra) [India], January 8 : Selling pressure returned to the Indian stock markets on Wednesday, with both indices declining soon after opening with marginal gains.
The Nifty 50 index opened at 23,746.65 points with a gain of 38.75 points or 0.16 percent, and the BSE Sensex also gained to open at 78,319.56 points with a surge of 120.45 points or 0.15 percent.
Experts say that there are no signs of any near-term relief for the Indian markets. Now, the earnings of individual companies and the budget are expected to provide some relief. The markets are seeing continued FPI selling in key sectors like financials.
Ajay Bagga, Banking and Market Expert told ANI "Indian markets are struggling with lowered GDP growth estimates of 6.4 per cent in Fy2025 versus 8.2 per cent in Fy2024. With major financial institutions giving moderate operating updates for the Oct-Dec quarter, the markets are seeing continued FPI selling in key sectors like financials. Overall the mood stays cautious and stock markets will be dependent on individual corporate earnings and the Union Budget to lift the sentiment".
In the sectoral indices, selling pressure was witnessed, with only Nifty Pharma and Nifty Oil and Gas opening with gains, while other indices declined during the opening session.
In the Nifty 50 stocks list, 13 stocks opened in advance, while 37 declined and 1 remained unchanged at the time of filing this report.
The top gainers in Nifty 50 include Dr. Reddy, ONGC, Reliance, Cipla, and Maruti, while the top losers include Trent, Shri Ram Finance, Adani Ports, BEL, and Tech Mahindra.
"The Nifty's rally in the previous session helped trace a so-called "bullish harami" pattern, but the long upper shadow meant nervousness persists. That means bulls will have to, at minimum, push the market above yesterday's high of 23795 to validate the formation. That said, the falling 100-day and the rising 200-day averages are creating a resistance area between 23915 and 24100, which is also where the 24000-call strike for weekly expiration tomorrow is seeing high concentration" said Akshay Chinchalkar, Head of Research, Axis Securities.
In other Asian markets, a mixed trend was seen during the opening on Wednesday. South Korea's KOSPI index rallied by more than 1.2 percent, while Singapore's Straits Times surged by 0.5 percent.
Other markets were under pressure, with the Hang Seng index down by 1.3 percent, along with China's Shanghai Composite, which declined by more than 1 percent. Japan's Nikkei 225 was also down by 0.35 percent.