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(source : ANI) ( Photo Credit : ani)
Mumbai (Maharashtra) [India], October 8 (ANI): The domestic stock markets continued their flat movement on Wednesday as both benchmark indices opened with marginal gains.
The Nifty 50 index opened at 25,145.05, rising 36.75 points (0.15 per cent), while the BSE Sensex started the day at 82,072.34, up by 145.59 points or 0.18 per cent.
Experts noted that Foreign Portfolio Investors (FPIs) recorded a rare positive day of net inflows on Tuesday, led mainly by financial stocks, particularly PSU banks. However, their overall positioning remains strongly net short, with little sign of relief from persistent selling pressure.
Ajay Bagga, Banking and Market Expert, told ANI, Indian main board earnings kick off this week and will set the tone for the markets. PM Modi is at Mumbai today, inaugurating the Navi Mumbai International Airport and the Metro 3 line linking south Mumbai to central Mumbai in a USD 4 billion infrastructure boost to Mumbai connectivity. FPIs had a rare positive day of net inflows on Tuesday with financials, especially PSU banks leading.
He added that despite the inflows, FPI positioning remains cautious. The ongoing frenzy in the primary markets is affecting liquidity in the secondary markets as large IPOs continue to absorb significant funds this month.
Bagga noted that poor listings of mainboard IPOs may help bring some discipline to the fundraising rush, but for now, promoters appear eager to cash out.
He further stated that the coming fortnight, leading up to Diwali, will reveal the strength of Indian consumer sentiment and offer cues to market direction.
For now, we expect softly trending upwards markets, with some relief expected as the US government shutdown becomes a reopening up and if corporate earnings start to deliver better outcomes. India VIX is low, so expectations are subdued, which is always another positive for perennial bulls like us, Bagga said.
In the broader market, Nifty 100, Nifty 200, Nifty Midcap 100, and Nifty Smallcap 100 opened in the green with positive gains. Among sectoral indices, except Nifty FMCG, Nifty PSU Bank, and Nifty Realty, all others opened with gains. Nifty IT surged 1 per cent, Nifty Metal gained 0.11 per cent, and Nifty Private Bank rose 0.13 per cent.
In primary market developments, Tata Capital, a diversified financial services firm and subsidiary of Tata Sons, saw its public issue subscribed 75 per cent on day two, with strong participation from Qualified Institutional Investors (86 per cent), Non-Institutional Investors (76 per cent), and Retail Investors (67 per cent). The issue closes today.
Meanwhile, LG Electronics public issue was subscribed 1.04 times on day one and will close tomorrow. The bids were led by Qualified Institutional Investors (49 per cent), Non-Institutional Investors (2.31 times), and Retail Investors (81 per cent).
On the global front, gold prices continued their record-breaking rally, with gold futures topping USD 4,000 an ounce for the first time ever, marking the metal best run since 1979. Bullion is up over 50 per cent in 2025, outperforming U.S. equities.
According to Vikram Kasat, Head Advisory at PL Capital, Nifty tried to break above the 61.8 per cent retracement level of 25120 in intraday, but could not close above it. The 25120 to 25220 range will act as the resistance zone. (ANI)
Disclaimer: This news article is a direct feed from ANI and has not been edited by the News Nation team. The news agency is solely responsible for its content.