First trade: Sensex opens 57 points lower, nifty at 23,698

Indian stocks, tracking mixed global signals, started Wednesday’s session on a negative note after the first advanced GDP estimate for FY25 was pegged at 6.4 per cent, largely in line with expectations. At open, the Sensex was down 0.07 per cent or 56.57 points at 78,142.54, while the Nifty50 was trading slightly lower by 0.04 per cent or 10.15 points at 23,697.75. Broader markets were mixed, with the Nifty Midcap 100 index trading in the red, while the Nifty Smallcap 100 index was trading with moderate gains.

Sectorally, the trend was mixed, with IT stocks, banks, financial services and consumer durables falling, while sectors like FMCG, automobiles, pharma, real estate and oil and gas traded with gains of up to 0.6 per cent.

“The trend of strong macroeconomic units in the US weakening emerging markets continues,” noted Dr. VK Vijayakumar, chief investment strategist at Geojit Financial Services. “The US 10-year bond yield rose to 4.67% on better-than-expected job numbers and indicators The services sector is performing very well, meaning the Fed may hold interest rates in January leading to further dollar strength and higher bond yields keeping interest rates in February versus market expectations of a cut.”

He added that in this overall situation, FIIs are likely to continue selling, putting pressure on the market.

Asian markets

In trading on Wednesday, Asian stocks were mixed, with Chinese stocks declining after the United States added more leading companies to the blacklist. At last count, MSCI’s headline Asia ex-Japan index was trading in the red, down 0.55 percent at 568.35.

Japanese markets were also hit hard as government officials warned against interfering in the currency market.

Technical outlook

Anand James, chief market strategist at Geojit Financial Services, said: “We entered yesterday, anticipating a continuation of the ‘sell on rallies’ bias, but preparing to ride a short rally. But the rally has barely begun, with trades sticking higher. 23,700-750 levels in most However, the inner bar formed from it encourages us to continue with the bullish outlook, although we continue to see 23900 levels as well as 24000 trying to maintain the bias in the “sell mode”. At altitudes.

As maintained yesterday, the recent low at 23263 is not far away, but there is a reasonable possibility of a sustained decline reversing short of a break of 23400. We believe that a full decline below 23263 may take some time to develop. He added that the main support below is at 23,000 and 22,260.