Nifty, Sensex open marginally down, struggle continues as FPIs sold Rs 54,000 cr

Domestic equity markets continued to remain under pressure on Monday morning as both benchmark indices opened lower amid sustained foreign portfolio investor FPI selling and rising global uncertainty triggered by the Middle East crisisThe Nifty 50 index opened at 2311610 with a decline of 35 points or 015 per cent while the BSE Sensex opened at 7441579 falling by 14813 points or 020 per centMarket experts noted that geopolitical tensions and persistent foreign investor outflows are weighing on investor sentimentAjay Bagga Banking and Market Expert told ANI that India is currently navigating a complex diplomatic situation while global macro conditions continue to affect domestic marketsIndia is playing a masterfulif stressfuldiplomatic game While the Strait is shut to some three Indian tankers including LPG carriers were granted safe passage This confirms New Delhis unique position able to talk to both the Trump administration and Tehran However the Macro is punishing the Micro Foreign Portfolio Investors are voting with their feet They have dumped a massive Rs 54000 crore in March alone FPIs continue to be positioned deeply net short on index futures They arent just selling they are actively betting on a deeper correction The level is hovering around 23240 signaling that the Indian indices will likely struggle to find buyers until the Super Week central bank commentary provides some clarity he saidMeanwhile global commodity prices also remained elevated Brent crude prices have been rising steadily compared to last weeks closing levels and are currently trading at USD 104 per barrelPrecious metals also remained on the higher side Gold prices moderated marginally in Mondays opening but were still high at Rs 158400 per 10 grams for 24 karat gold Silver prices however declined sharply by 324 per cent in Mondays opening to Rs 259279 per kilogramForeign portfolio investor selling has remained persistent throughout the month FPIs have been net sellers on all trading days in March so far The total FPI selling through exchanges till March 13 stood at Rs 54455 croreSunil Gurjar SEBIregistered analyst and Founder of Alphamojo Financial Services said the Nifty 50 index is witnessing strong technical weaknessNifty 50 witnessed strong selling pressure this week recording its worst weekly performance in four years Technically the index has breached a crucial support level indicating increasing bearish momentum If it sustains below this level further downside may follow while any pullback could face resistance near the previously broken support he saidIn other Asian markets a mixed trend was observed in early trade Hong Kongs Hang Seng index surged by 05 per cent to 25589 in the opening session while Taiwans weighted index gained 002 per cent to 33405However several other Asian markets remained under pressure at the time of filing this report Japans Nikkei 225 index declined by 105 per cent to 53252 Singapores Straits Times index fell by 002 per cent to 4841 and South Koreas Kospi index was down by 038 per cent to 5466In the United States markets closed lower on Friday The Dow Jones index declined by 026 per cent to close at 46558 The SampP 500 index fell by 061 per cent to 6632 while the Nasdaq closed at 22105 with a decline of 093 per centThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever