Sensex, Nifty Look to Rebound After Six-Day Losing Streak

Mumbai, September 29: The Indian stock market and all the included indices are expected to open on a cautious but positive start today, on September 29. This is indicated by Gift Nifty, which is marginally up by 0.01%, or 2.50 points, and is trading at 24,774.00, as of 9:00 AM.

Sensex and Nifty Tumbled

The trading session on Friday was not a good day for Sensex and Nifty. Sensex fell sharply by 733 points (0.90%) to close at 80,426.46, while the Nifty 50 tumbled by 236 points (0.95%) to end the week at 24,654.70. This performance was their worst weekly performance in seven months. The bloodbath was led by pharma and IT shares, which saw major selloffs due to the announcement by US President Donald Trump of a 100% import duty on branded drugs, effective from October.

FIIs Net Sellers While DIIs Net Buyers

FIIs extended their selling spree and sold Indian equities worth ₹5,687 crore net on Friday. However, DIIs provided some support as they ended the trading session on Friday by being net buyers of ₹5,843 crore worth of Indian equities.

Asian Markets Higher Along With Wall Street

Asian stocks traded mostly higher this morning. South Korea’s Kospi rose by 1.25%, Hong Kong’s Hang Seng by 1.19%, while Japan’s Nikkei fell by 0.84%. On Wall Street, the Dow gained 300 points, the S&P 500 0.59%, and the Nasdaq 0.44% on Friday after positive US inflation data.

Global Signals To Watch

The Reserve Bank of India is expected to provide its policy outcome later this week, it may or may not cut the key interest rates. Next are the India-US trade talks, which are likely to affect most Indian sectors, especially the pharma sector due to the newly imposed 100% tariff. However, China has cut the duty on Indian pharma imports to zero, which may offer some support to the Indian equities.

The Indian market is expected to open positively, after a sharp selloff on Friday. Investors will be watching the RBI policy, trade talks, and global volatility for their cues for today and rest of the week.

Disclaimer: At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.

If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.

Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations