Nifty, Sensex open flat amid decline in global indices
Aug 29, 2024
Mumbai (Maharashtra) [India], August 29 : India's stock markets opened almost flat with a mixed response from both Nifty and Sensex.
The Nifty 50 index opened 17 points down, or a 0.07 per cent decline, at 25,035.30 points, while the Sensex opened with a minor gain of 35 points, or a 0.05 per cent surge, at 81,822.56 points.
Stock markets globally are facing pressure after Nvidia management disappointed some investors during the announcement of quarterly results. The company, however, showed good quarterly results.
"The management guidance from Nvidia has disappointed some segments of the markets this morning in Asia. AI and semiconductor stocks are falling, and MSCI Asia is down 0.5 per cent, while Nvidia itself is down 8 per cent in U.S. after-market trading," said Ajay Bagga, Banking and Market Expert.
He further added, "In India, FIIs had a net cash segment outflow number for Indian markets on Wednesday. Expect a consolidating market that tries to break out further from its fresh all-time high levels. The IT sector could see some profit booking on the back of the bellwether Nvidia's below-expectation guidance."
In the sectoral indices on the National Stock Exchange, Nifty Bank, Nifty Auto, Nifty IT, and Nifty FMCG faced selling pressure and opened in red, while Nifty Financial Services, Nifty Pharma, and Nifty Media gained.
In the broad market indices at the time of filing this report, Nifty Next 50 opened with a minor gain of 0.6 per cent, along with Nifty Small Cap 100.
In the Nifty 50 top gainers list, Cipla, along with Apollo Hospital and Sun Pharma, emerged as the top openers of the day.
In the Asian stock markets, Japan's Nikkei index fell by 0.45 per cent, while Hong Kong's Hang Seng index declined by 0.55 per cent. Taiwan's Taiwan Weighted Index emerged as the largest loser among the major Asian markets, dropping by 1.32 per cent.
The Asian markets faced pressure after the decline in the U.S. markets on Wednesday. U.S. stock markets faced a downturn on both the S&P 500 and the Nasdaq indices, largely due to profit-taking by investors and after the Nvidia result announcement.
