Experts describe this as non-directional trading activity.
Indian Stock Markets Open Flat Amid Mixed Sectoral Performance Ahead of Monthly Expiry
Indian stock markets opened on a flat note Wednesday, May 28 despite a strong handover from the markets of the United States and Asian peers, the ANI reported.
At the beginning of the trading session, the BSE Sensex stood at 81,457.61, down by 94 points or 0.12 per cent, while the Nifty 50 on the National Stock Exchange (NSE) opened at 24,832.50, registering a marginal gain of 6.30 points or 0.03 per cent, as per ANI report.
In the opening hour of trade on the NSE, the Nifty FMCG index fell by around 1.22 per cent, making it the biggest loser among sectoral indices. It was followed by declines in the Metal, Consumer Durables, and Auto sectors. On the other hand, some sectors showed gains — Nifty IT rose by 0.5 per cent, while Nifty PSU Bank and Nifty Realty were up by 0.3 per cent each.
Experts describe this as non-directional trading activity, as reported in the report, meaning there is no clear trend — neither bullish (upward) nor bearish (downward).
Ajay Bagga Banking and market expert, Observing the market's mood as quoted in the report said, "Monthly expiry looms on Indian markets. Tuesday saw a very volatile day and we expect Wednesday and Thursday to be likewise."
"India VIX at 18 levels is elevated but still not at a "fearful" level for experienced hands who have seen 86 levels on it during the 2008 GFC and 2020 Covid. Rising Covid cases are a slight worry so far; the expectation is that it is a mild variant that is striking with the onset of the rains and will be contained," he added.
"Asian markets are up as well, taking the cue from the US markets. US PCE data on Friday is the big data point this week. Rest will be the usual Trump Speak-driven market churns," Bagga added.
Globally, investors' mood looks mixed due to the geopolitical developments, the report said.
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