Mumbai (Maharashtra) [India], April 25 (ANI): Indian stock markets opened on a positive note on Thursday even as tensions between India and Pakistan continue to rise.
The benchmark Nifty 50 index opened at 24,289, gaining 42.30 points or 0.17 per cent. The BSE Sensex also began the day with a modest rise of 28.72 points to open at 79,830.15.
Market experts noted that foreign portfolio investor (FPI) inflows into India remain strong despite the ongoing geopolitical concerns. However, they warned that any military action between the two neighbouring countries could trigger a major sell-off in the markets.
Ajay Bagga, banking and Market Expert told ANI “Indian markets saw a brief break after seven days of continuous rise. FPIs remain buyers, lending strength to the market rally. The overhang of Indian retaliation on Pakistan for the terrorist massacre in Kashmir on the 22nd is what is holding back Indian markets.
He added, “Today is pointing to a strong gap up open and with FPIs piling back every day, this should sustain. Given the previous two retaliatory actions by India on Pakistan sponsored terrorists was after 10 and 15 days respectively of the terrorist strikes, we could be some days away from the event. That is adding to market uncertainty, with the Karachi exchange also falling two per cent in the aftermath”.
On the global front, investor sentiment has improved due to growing hopes of progress on tariff agreements. The US markets have registered gains for the third consecutive day. Market participants believe that the phase of peak uncertainty and peak tariffs is now behind us.
Expectations are high that countries will soon announce new tariff agreements with the US, which is further supporting market confidence.
There is also talk of a “Trump Put” acting as a safety net for global markets, especially as the Liberation Day month of April nears its end.
Meanwhile, several key Indian companies are scheduled to announce their Q4 earnings today. These include Reliance Industries, Maruti Suzuki India, Hindustan Zinc, Shriram Finance, Cholamandalam Investment and Finance, Oracle Financial Services Software, Lloyds Metals and Energy, Motilal Oswal Financial Services, LT Finance, Bank of Maharashtra, Poonawalla Fincorp, Tata Technologies, and Dr Lal PathLabs.
Akshay Chinchalkar, Head of Research, Axis Securities said “As long as the 24120 level is holding, the trend is firmly bullish. 24500 remains important resistance. Meanwhile, FII net short positioning in index futures is now at the smallest reading since October 7, when they first went net short since the record peak, so that’s another sign of optimism”.
Asian markets were trading in the green at the time of this report. Japan’s Nikkei 225 index rose more than 1.3 per cent, Hong Kong’s Hang Seng index gained over 1.4 per cent, South Korea’s KOSPI was up by more than 1 per cent, and Taiwan’s Weighted Index climbed over 2 per cent. (ANI)
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