US elections, Fed meeting, China's meet on stimulus will keep pressure on Indian stocks: Experts
Nov 05, 2024
Mumbai (Maharashtra) [India], November 5 : Stock markets in India continued their downward trend on Tuesday, indicating continuous selling by foreign investors.
The Nifty 50 index declined by 78 points to open below the 24,000 mark at 23,916.50 points, while the BSE Sensex also plummeted by 240 points to open at 78,542.16.
Experts noted that volatility may continue this week as various events unfold, including the U.S. elections and the Federal Reserve meeting. Investors are advised to proceed cautiously, as domestic investors cannot afford another month of FII selling.
Ajay Bagga, Banking and Market Expert told ANI that "Peak event risk and heightened volatility ahead of the last stretch of a very polarising US Election. Still three big events this week: US Election result, FOMC rate cut announcement and China standing committee meet outcome on Friday. Add on possible Iranian action on Israel and you have a full week of worries and risk off. Stay on the sidelines and wait out the week. DIIs can't absorb another month of Rs 100,000 crores of FII selling. Don't wade into any market rise in a rush, give the market time".
In the sectoral indices on the National Stock Exchange, all indices opened in the red except Nifty Metal. Nifty Media and Nifty Oil and Gas saw the biggest declines, each down by 0.4 percent in the opening session.
In the Nifty 50 list, 13 shares opened in advance while 32 shares declined at the opening session. HCL Tech, Tata Steel, and Dr. Reddy's emerged as the top gainers in the opening session, while BPCL, Power Grid, Titan, and BEL opened as the top losers in Nifty 50.
In today's quarterly results announcements, Titan Company, GAIL India, Mankind Pharma, Dr. Reddy's, Max Healthcare, Mazagon Dock Shipbuilders, PB Fintech, Oil India, JK Tyre, and Berger Paints are some of the major companies set to announce their second-quarter FY25 numbers.
In other Asian stock markets on Tuesday, Japan's Nikkei index gained more than 1 per cent, while other markets were flat. The Hang Seng index gained 0.47 percent, Taiwan's Taiwan Weighted index was up by 0.27 per cent, and South Korea's KOSPI index was down by 0.30 per cent.
