Indian markets open flat as investors await US-India trade deal, Bihar polls outcome

Mumbai (Maharashtra) [India], November 13 (ANI): The flat movement returned to Indian stock markets on Thursday after both benchmark indices witnessed an upside movement on Wednesday.

Investors remained cautious as markets awaited updates on the potential U.S.-India trade deal and the outcome of the Bihar elections, with counting scheduled for Friday.

The Nifty 50 index was trading at 25,880.30 with a modest gain of 4.50 points or 0.02 per cent, while the BSE Sensex opened at 84,468.59 with a flat gain of just 2.08 points.

Experts noted that the market sentiment is currently driven by expectations of any positive developments, and a favourable trade deal outcome could trigger an upside move in the indices.

In the broader market indices, all segments were trading in the green. The Nifty 100 gained 0.03 per cent, the Nifty Midcap 100 rose 0.19 per cent, while the Nifty Smallcap 100 added 0.18 per cent.

Among the sectoral indices on the NSE, most sectors were trading higher except Nifty Auto, Nifty FMCG, and Nifty IT, which remained slightly in the red. Nifty Pharma was up by 0.23 per cent, Nifty PSU Bank surged 0.07 per cent, and Nifty Media advanced 0.29 per cent.

Anand James, Chief Market Strategist at Geojit Investments, said, "The doji formed yesterday after entering our target region of 25850-980 hints at indecision, warranting caution. However, oscillators remain accommodative towards a larger rise, aiming 26130-26550. The day's upside momentum could, however, be challenged, should early dips fail to be contained above 25840, but we will wait for slippage below 25630 to switch sides."

In the IPO market, Physics Wallah's IPO bidding closes today. The edtech company, which offers test preparation courses for various competitive examinations, saw its public issue subscribed 0.13 times on day two. The bids were led by qualified institutional investors (0.0 times), non-institutional investors (0.06 times), and retail investors (0.58 times). The price band is fixed between Rs 103 and Rs 109 per share, with a lot size of 137 shares.

On the commodities front, gold traded positive for another session.

Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, said, "Gold traded positive for another session, gaining Rs 500 to close near Rs 1,24,450, supported by Comex gold holding firm around USD 4,100. The optimism over a potential U.S. government reopening is driving sentiment, as it would allow the release of key economic data--critical for the Federal Reserve's rate outlook in the December meeting. With CPI data scheduled in both the U.S. and India this week, volatility in gold prices is expected to remain high. The broader trading range for gold is seen between Rs 1,22,500-Rs 1,26,000." (ANI)

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