- Nifty 50 opens at 24,694.45, holding above key support of 24,550.
- Sensex starts the session at 81,354.43, tracking global market cues.
- Swiggy shares gain over 2% as key earnings results loom.
The Indian stock market opened on a cautious note but managed to recover, with the Nifty 50 defending the 24,550 level and rising to close above 24,650.
Globally, markets remained mixed as concerns over U.S.-China trade relations and U.S. inflation data weighed on investor sentiment. Asian markets traded in a narrow range, with Japan’s Nikkei dropping 0.94% and China’s Shanghai Composite slipping 0.64%.
Global Uncertainty Casts a Shadow Over Indian Markets
As Indian markets opened lower on Thursday, investors braced for a volatile session amid global market uncertainty. The Nifty 50 managed to recover from early losses, holding above the crucial support of 24,550, while Sensex steadied around 81,350 points. The session gains were supported by a 2% surge in Swiggy shares, alongside key earnings updates from Eicher and Tata Power.
Globally, concerns over U.S.-China trade tensions and U.S. economic data kept markets on edge. Japan’s Nikkei extended its losses, falling nearly 1% as the yen appreciated to 146 per dollar, exerting pressure on export-heavy stocks. In China, a weaker-than-expected credit report underscored the lingering impact of trade uncertainties, pushing the Shanghai Composite down 0.64%.
Oil prices faced renewed pressure, dropping over 2% as expectations of a U.S.-Iran nuclear deal emerged. The potential easing of sanctions could lead to increased crude supply, further impacting prices. Meanwhile, gold prices continued their downward trajectory, sliding to $3,140 per ounce and hitting a five-week low.
In the U.S., stock futures pointed to a weaker open as investors awaited retail sales and producer inflation data for further economic cues. The mixed signals from Wall Street added to the cautious tone in Asian and European markets, underscoring the heightened uncertainty that continues to dominate global trade.
Despite a volatile session, Indian markets managed to defend key support levels, but global economic uncertainties continue to cast a shadow over investor sentiment.
“We’ve had a huge party, everyone’s hung over, and now we’re just recuperating and waiting for the next big party.” – Tony Sycamore, Market Analyst at IG
