Stock market opens near flatline, as investors keep eye on GDP data later this week
Aug 28, 2024
Mumbai (Maharashtra) [India], August 28 : The stock market on Wednesday opened nearly flat with Nifty at the National Stock Exchange (NSE) starting above 25,000 and BSE Sensex near 81,800.
As per the market experts, the traders are expecting further profit booking ahead of the GDP data scheduled later this week.
At the opening, the Nifty was at 25030.80, up 13 points and the Sensex opened at 81779.80, up 68.08 per cent.
The Bank Nifty opened at 51208.90, down 69.85 points, while the Nifty Midcap opened at 59388.80, up 168.50 points. The sectoral indices opened in red except for the stock of media and Oil and Gas.
On Tuesday, domestic equity indices exhibited a flat performance with the Sensex marginally gaining 13.65 points (0.02 per cent) to close at 81,711.76 and the Nifty 50 rising 7.15 points (+0.03 per cent) to settle at 25,017.75.
"The Nifty 50 formed a small negative candle on the daily chart, suggesting a doji-like pattern. This consolidation near all-time highs could be a temporary pause before a potential breakout above the previous high of 25,078. A decisive move above 25,100 could target 25,360, the 38.2 per cent Fibonacci extension level," said Varun Aggarwal MD, Profit Idea.
In global markets, US indices closed slightly higher with the Dow Jones up 0.02 per cent at 41,250.50, the S&P 500 up 0.16 per cent at 5,625.80, and the Nasdaq Composite up 0.16 per cent at 17,754.82. Asian markets showed mixed performance, with Japan's Nikkei 225 and Korea's Kospi declining, while the Asia Dow inched up 0.05 per cent and the Shanghai Composite remained flat.
Later this week, the markets will be reading the first quarter GDP data which is scheduled on Friday.
The Reserve Bank of India, in its latest monetary policy meeting, projected GDP growth for 2024-25 at 7.2 per cent, with growth for Q1 expected at 7.1 per cent, Q2 at 7.2 per cent, Q3 at 7.3 per cent, and Q4 at 7.2 per cent.
India's GDP grew by an impressive 8.2 per cent during the financial year 2023-24, continuing to be the fastest-growing major economy.
