Nifty, Sensex Open Flat in Green; Analysts Expect Range-Bound Trade Amid Lack of Fresh Triggers
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Mumbai, February 11:
Indian equity markets entered a consolidation phase on Wednesday after the recent rally supported by the India-US deal. Both benchmark indices opened flat but traded in the green during early trade.
The Nifty 50 opened at 25,997.45, rising 62.30 points or 0.24%. The BSE Sensex started the session at 84,339.15, up 65.23 points or 0.08%.
Analysts See Consolidation in the Market
Market experts said the broader trend remains supportive. However, they expect the indices to move within a narrow range due to the absence of strong new triggers.
Ajay Bagga, Banking and Market Expert, told ANI that the market may remain in a consolidation zone.
“Expect consolidation. The softening of US yields (4.14%) is a gift for emerging markets like India, as it eases pressure on the rupee (currently near 90.58),” he said.
Bagga also warned that global sentiment could impact Indian sectors like IT and banking.
Broader Market Indices Trade Higher
On the NSE, broader indices also opened with mild gains:
- Nifty 100 rose 0.25%
- Nifty Midcap 100 gained 0.13%
- Nifty Smallcap 100 increased 0.18%
Sectoral Indices Open in Green
Most sectoral indices traded higher in early trade:
- Nifty Auto surged 0.63%
- Nifty FMCG rose 0.39%
- Nifty IT gained 0.19%
- Nifty Metal climbed 0.41%
- Nifty Pharma moved up 0.31%
- Nifty PSU Bank increased 0.14%
- Nifty Realty edged up 0.08%
FIIs and DIIs Support Market Sentiment
Ponmudi R, CEO of Enrich Money, said FIIs have turned positive this month. He added that DIIs continue to buy during market dips.
“In the absence of fresh triggers, the near-term trend is likely to remain range-bound, with consolidation around current levels,” he said.
On Tuesday:
- DIIs recorded net buying of Rs 1,174.21 crore
- Foreign investors recorded net buying of Rs 69.45 crore
Gold and Silver Prices Rise Sharply
In the commodities market, precious metals recorded strong gains:
- Gold rose 0.83% to Rs 1,58,097 per 10 gm (24K)
- Silver jumped 2.40% to Rs 2,59,078 per kg
Asian Markets Trade Higher; US Markets Close Lower
Most Asian markets traded in the green on Wednesday:
- Japan’s Nikkei 225 rose 2.23%
- Singapore’s Straits Times gained 0.25%
- Hong Kong’s Hang Seng rose 0.24%
- Taiwan’s weighted index climbed 1.67%
- South Korea’s Kospi gained 0.79%
However, US markets ended lower on Tuesday:
- S&P 500 fell 0.36%
- Nasdaq declined 0.58%
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