Mumbai (Maharashtra) [India], April 24 (HBTV): The Indian stock market opened with a marginal decline on Thursday as geopolitical tensions weighed on investor sentiment, following India’s diplomatic measures against Pakistan after the Pahalgam terror attack that killed 26 people.
The Nifty 50 index began the day at 24,277.90, down 51.05 points or 0.21 per cent. The BSE Sensex opened at 79,982.18, falling 134.31 points or 0.17 per cent.
Market experts noted that while India’s economic fundamentals remain strong and foreign portfolio investment (FPI) inflows continue, the escalating tensions may pose near‑term risks to capital flows.
Ajay Bagga, banking and market expert, told ANI, ‘Global cues are positive, FPI inflows are healthy, earnings in pockets are encouraging and market breadth has turned positive. The overhang remains for 10–15 days—the time it took in previous instances from a terrorist attack to retaliatory strikes. Diplomatic measures and Indus Water Treaty actions are significant but will require major infrastructure execution to impact the ground.’
Among sectoral indices, Nifty PSU Bank, Nifty Media, and Nifty Auto opened lower, while Nifty FMCG, Nifty IT, and Nifty Pharma started in the green, indicating selective defensive and technology-driven buying.
Investors are also monitoring fourth-quarter earnings due today. Companies reporting include Hindustan Unilever, Axis Bank, Nestle India, SBI Life Insurance, Tech Mahindra, Macrotech Developers, Adani Energy Solutions, SBI Cards & Payment Services, Persistent Systems, MphasiS, and LT Technology Services.
Akshay Chinchalkar, Head of Research at Axis Securities, said, ‘The Nifty rose for the seventh consecutive day yesterday, a first in a month. Yesterday’s “hanging man” candle after Tuesday’s “doji” suggests the rally may stall as indecision sets in. Immediate support is at 24,120, with resistance at 24,500. We are entering a crucial period where volatility may pick up over the next two sessions.’
Broader Asian markets showed mixed performance: Japan’s Nikkei 225 surged over 1 per cent, Singapore’s Straits Times gained 0.13 per cent, Taiwan’s Taiwan Weighted fell 0.62 per cent, South Korea’s KOSPI dropped 0.45 per cent, and Hong Kong’s Hang Seng declined 1.51 per cent.
(ANI)