Mumbai Stock Market Opens Flat as Traders Await GDP Data
The stock market in Mumbai opened nearly flat on Wednesday. The Nifty at the National Stock Exchange (NSE) started above 25,000, while the BSE Sensex was near 81,800. Traders are expecting further profit booking ahead of the GDP data scheduled for later this week.
Market Opening Details
At the opening, the Nifty was at 25,030.80, up 13 points, and the Sensex opened at 81,779.80, up 68.08 points. The Bank Nifty opened at 51,208.90, down 69.85 points, while the Nifty Midcap opened at 59,388.80, up 168.50 points. Most sectoral indices opened in red except for media and Oil and Gas stocks.
Previous Day’s Performance
On Tuesday, domestic equity indices showed a flat performance. The Sensex marginally gained 13.65 points (0.02%) to close at 81,711.76, and the Nifty 50 rose 7.15 points (0.03%) to settle at 25,017.75.
Expert Opinion
Varun Aggarwal, MD of Profit Idea, noted, “The Nifty 50 formed a small negative candle on the daily chart, suggesting a doji-like pattern. This consolidation near all-time highs could be a temporary pause before a potential breakout above the previous high of 25,078. A decisive move above 25,100 could target 25,360, the 38.2% Fibonacci extension level.”
Global Market Performance
In global markets, US indices closed slightly higher with the Dow Jones up 0.02% at 41,250.50, the S&P 500 up 0.16% at 5,625.80, and the Nasdaq Composite up 0.16% at 17,754.82. Asian markets showed mixed performance, with Japan’s Nikkei 225 and Korea’s Kospi declining, while the Asia Dow inched up 0.05% and the Shanghai Composite remained flat.
Upcoming GDP Data
Later this week, the markets will be closely watching the first quarter GDP data scheduled for release on Friday. The Reserve Bank of India, in its latest monetary policy meeting, projected GDP growth for 2024-25 at 7.2%, with growth for Q1 expected at 7.1%, Q2 at 7.2%, Q3 at 7.3%, and Q4 at 7.2%. India’s GDP grew by an impressive 8.2% during the financial year 2023-24, continuing to be the fastest-growing major economy.
Doubts Revealed
Mumbai Stock Market -: The Mumbai Stock Market is a place where people buy and sell shares of companies. It’s like a big marketplace for stocks.
Flat -: When the market opens ‘flat’, it means there is very little change in the prices of stocks compared to the previous day.
Nifty -: Nifty is a stock market index in India that shows how the top 50 companies are performing.
BSE Sensex -: BSE Sensex is another stock market index in India that tracks the performance of 30 well-established companies.
Traders -: Traders are people who buy and sell stocks to make money.
GDP Data -: GDP stands for Gross Domestic Product. It measures the total value of all goods and services produced in a country.
Profit Booking -: Profit booking means selling stocks to make a profit when their prices are high.
Sectoral Indices -: Sectoral indices are groups of stocks from the same industry, like technology or healthcare, that are tracked together.
Media and Oil and Gas -: These are specific sectors or industries. Media includes companies that make news and entertainment, while Oil and Gas includes companies that produce energy.
Global Markets -: Global markets refer to stock markets in other countries around the world.
Reserve Bank of India -: The Reserve Bank of India (RBI) is the central bank of India. It manages the country’s money and financial system.
GDP Growth -: GDP growth shows how much the economy is growing. A higher number means the economy is doing well.
