Stock markets subdued: Nifty at approximately 25,400, Sensex declining by 60 points; Adani Group equities surge
The Indian stock market began the trading day on a cautious note, with the NSE Nifty 50 and BSE Sensex opening lower. However, the market construct remains favourable for an up move, as there are shorts in the system, and short covering is happening.
The Nifty 50 opened 14 points lower at 25,410, while the BSE Sensex opened 61 points lower at 82,953. Despite the initial dip, some sectors showed positive momentum. Small and midcap stocks opened higher for the day.
In the Nifty 50, Adani Ports and SEZ, Hero MotoCorp, and Shriram Finance were among the top gainers, while Bajaj Auto, ICICI Bank, Bharti Airtel, and Zomato were key laggards. The Adani Group, currently supported by a $9 billion investment program attracting large global investors, saw a surge in share prices across its group companies following the clearance of stock manipulation allegations by the Securities and Exchange Board of India (SEBI).
HDFC Life Insurance was also among the top gainers in the Nifty 50. In the upcoming IPOs, investors can look forward to Seshaasai Tech, Anand Rathi, Atlanta Electricals, and Solarworld Energy.
VK Vijayakumar, Chief Investment Strategist at Geojit Investments, commented that the market is on an uptrend and is well-positioned to set new records soon. Positive news of a US-India trade deal without penal tariffs and lower reciprocal tariffs from high government officials may keep the market resilient.
Reports suggest that earnings are expected to improve from Q3 onwards, which could further boost investor confidence and contribute to a steady uptrend in the market.
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