Nifty opens flat as Titan, Tech Mahindra lead gains; markets eye US inflation data
The muted opening came on the back of a broadly constructive global backdrop, with Asian markets trading higher after weaker-than-expected US jobs data last Friday reduced fears of further Federal Reserve tightening
The Nifty 50 and Sensex opened nearly flat on Monday, August 10, with the Nifty trading at 24,566.70 and the Sensex at 78,501.59, both down slightly from their previous closes. The subdued market opened amid a generally favorable global backdrop as weaker-than-expected US jobs data last Friday dampened concerns about more Federal Reserve rate hikes.
Among the top gainers, Titan Company surged 1.60% to ₹5,020.20, while Tech Mahindra climbed 1.33% to ₹1,656.80. Tata Motors rose 1.07% to ₹350.70, and Tata Steel gained 0.92% to ₹189.28. ICICI Bank added 0.91% to ₹1,434.00. On the downside, HDFC Life Insurance lost 0.85% to ₹535.40 and Adani Ports fell 0.84% to ₹1,679.20.
Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, highlighted that better-than-expected Q1 results and resilient domestic demand will likely support revenue and earnings growth in Q2. He noted the positive impact of Foreign Institutional Investors (FIIs) turning buyers in July and continuing their buying in August.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, suggested a fresh uptrend rally may occur after the breakout of 24,800/79,400. However, he warned that a drop below 24,450 could trigger further selling pressure, potentially pushing the index down to 24,200/77,200.
The RBI maintained its repo rate at 5.25% last week, raising its FY27 GDP growth forecast to 6.7% and lowering its inflation forecast to 5.0%. Analysts expect US CPI data on Wednesday and PPI on Thursday to determine the direction of global risk assets.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
