Indian shares are poised for a quiet opening today, following the direction of Asian markets. The GIFT Nifty was steady at 22,131.50 in early trading, indicating a near-flat start for the NSE Nifty 50 compared to Monday’s close.
During the last session, both the Nifty 50 and BSE Sensex each declined by about 0.4%, with tech stocks and profit-taking near record levels pulling the index down. The Nifty hit record highs every day last week but has now dipped below the key support level of 22,200, according to analysts.
Asian markets opened flat, mirroring the lackluster sentiment. Wall Street also saw losses ahead of U.S. durable goods order data, with expectations shifting for a potential rate cut. Foreign investors sold shares worth 2.85 billion rupees, while domestic institutions offloaded 53.3 million rupees of shares.
Key stocks to watch include Paytm, with its CEO stepping down from the payments bank board, Union Bank of India raising funds under QIP, and Wipro unveiling a joint 5G solution with Nokia for enterprise digital transformation.
As markets navigate global economic developments, investors remain cautious amid uncertainties. The upcoming release of the U.S. core PCE price index and expectations of a rate cut in June could influence market sentiments in the days ahead.
