Indian markets open flat, slip into negative as Santa rally hopes fade

The domestic equity markets opened on a flattopositive note on Tuesday but soon slipped into negative territory as hopes of a Santa rally remained muted so farBenchmark indices started the session with marginal gains tracking positive global cues but selling pressure across the broader market weighed on sentimentThe Nifty 50 index opened at 2624615 gaining 3280 points or 013 per cent while the BSE Sensex began trade at 8569010 up 12262 points or 014 per centHowever the early optimism faded quickly with markets turning red as the session progressedMarket participants noted that although Indian equities opened higher sustained buying support was missingBroader market indices on the NSE were largely under pressure with almost all major indices trading in the redThe Nifty Smallcap index was the only exception managing to stay in green though gains remained marginal indicating cautious investor sentiment across the marketAjay Bagga Banking and Market Expert told ANI Indian markets are pointing to another gapup open Mondays rise in Indian markets came despite a net outflow from FPIs pointing to strong domestic flows continuing This morning Asian markets are up taking the US cues Santa has been late this year but hopefully the last 4 days positive moves in the US markets will create momentum for a yearend catchupForeign institutional investors FIIs remained net sellers in the cash market on Monday selling equities worth Rs 4573 croreIn contrast strong domestic institutional investor DII buying of Rs 40582 crore helped cushion the market and limit downside pressureSectoral performance on the NSE showed a mixed trendNifty Metal surged by 049 per cent while Nifty Pharma was marginally higher by 004 per cent Nifty PSU Bank gained 031 per cent and Nifty Financial Services rose by 025 per centIn contrast the Nifty IT index was under significant pressure declining by more than 1 per cent dragging overall market sentimentGlobal cues remained supportive but cautiousHistorically since 1928 the SampP 500 has risen an average of 4 per cent between October 28 and New Years EveHowever this year both the SampP 500 and the techheavy Nasdaq Composite have remained in negative territory during this period so far reflecting uncertainty around a yearend rallyUS markets closed higher on Monday brushing aside concerns over AI bubble discussions lack of progress on Ukraine peace talks and rising tensions with VenezuelaAsian markets largely followed the positive US cuesJapans Nikkei traded marginally higher Hong Kongs Hang Seng index gained 042 per cent Taiwans weighted index rose 054 per cent South Koreas KOSPI advanced 043 per cent and Singapores Straits Times index climbed 036 per centDespite supportive global signals Indian markets continue to face pressure with investors closely watching whether the remaining days of the year can deliver a delayed Santa rallyThis 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