Nifty, Sensex start fresh week with gains, experts say uncertainty may continue till US election results
Oct 28, 2024
Mumbai (Maharashtra) [India], October 28 : Indian stock markets started the fresh week with minor gains after both indices declined around 2.5 per cent last week.
The Nifty 50 index opened at 24,251.10 points with a surge of 70.30 points or 0.29 per cent, while the BSE Sensex index opened at 79,653.67 points with a gain of 251.38 points or a 0.32 per cent surge.
Experts noted that volatility in the market is expected to increase as FII selling pressure continues to weigh on Indian markets.
Ajay Bagga, Banking and Market Expert told ANI "Indian markets are still in the grip of the FII selling induced fall. So far in October 2024, FIIs have net sold Rs 102,000 crores in the Indian secondary markets while investing Rs 17,000 crores in the primary markets. That represents the worst ever monthly outflow by FIIs in absolute terms. This being the monthly expiry week, expect more volatility."
He added "The US Elections on Nov 5th are too close to call and as in 2020, the difference will boil down to the few thousand votes winning margin the swing states. This will lead to continued uncertainty till the final results are declared".
In the sectoral indices on the National Stock Exchange, all indices opened with gains except for Nifty IT, which declined marginally by 0.6 per cent during the opening session. Nifty Financial Services led the gains with an increase of 0.6 per cent.
In the Nifty 50, ICICI Bank opened as the top gainer after the company announced its quarterly results, while JSW Steel opened as the top loser in the Nifty 50.
In the quarterly results announcements, Bharti Airtel, Sun Pharma, Adani Power, Suzlon Energy, Ambuja Cements, Punjab National Bank, JSW Infra, and others are set to announce their second-quarter financial results today.
In other Asian markets, Japan's Nikkei index surged by 1.43 per cent, while Hong Kong's Hang Seng and Taiwan's Weighted indices were down marginally. South Korea's KOSPI index rose by 0.86 per cent.
