Indian stocks open flat, waiting for outcome of Modi-Trump talks

Indian stock markets opened flat on Thursday reversing the selling trend witnessed earlier on Wednesday as the markets are in a waitandwatch mode on PM Modis US visitThe Nifty 50 index opened at 2305575 points with a gain of 1050 points or 005 per cent while the BSE Sensex index opened at 7620110 with a gain of 3002 points or 004 per centIn the sectoral indices on NSE except Nifty Bank Nifty FMCG and Nifty Metal all other indices opened with marginal gainsExperts noted that the markets are waiting for any trade outcome from PM Modis US visit and the TrumpPutin conversation over the phone has helped to improve sentiment However Indian markets remain under pressure due to sustained FII sellingAjay Bagga Banking and Market Expert told ANI Prime Minister Modi arrived in the US after a successful France trip His meetings with President Trump are expected to lead to agreements on trade energy and defence and boost bilateral relations Indian markets are still under pressure due to sustained FPI selling which is not abating However a RussianUkraine peace deal that is imminent will lead to increased oil and gas supplies lower prices and a better global sentiment Indian markets remain in a waitandwatch mode for the ModiTrump summit outcomes and on UkraineRussia Munich conference outcomesIn the Nifty 50 stocks list 28 stocks opened with gains while 21 stocks declined in the opening session with one remaining unchangedCIPLA and Kotak Bank emerged as the top gainers in Nifty 50 while Titan and Eicher Motors opened as the top losersThe shares of Kotak Bank surged after the Reserve Bank lifted all restrictions it had placed on Kotak Mahindra Bank on April 24 last year allowing it to onboard new customers through its online and mobile banking channels and issue fresh credit cardsThe nifty ended down for the sixth day but not before the opening slump was aggressively bought around the 22800 area where the COVIDera rising trendline is passing through The days candle exhibited a long lower shadow which clearly shows the presence of strong buyers in the 22700 22800 zone This will remain pivotal support going forward with resistance coming into play inside the 23155 to 23293 area said Akshay Chinchalkar Head of Research Axis SecuritiesIn the financial results today Hindalco Industries United Breweries Ipca Laboratories SJVN Deepak Nitrite Godfrey Phillips India ITI Concord Biotech Carborundum Universal Grindwell Norton KIOCL and Afcons Infrastructure are some of the major companies set to announce their thirdquarter resultsOther Asian markets also rallied on Thursday with Japans Nikkei surging more than 13 per cent Hang Seng of Hong Kong up by 1 per cent Taiwan Weighted gaining 036 per cent and South Koreas KOSPI jumping 086 per cent while Singapores market remained under pressure with a dip of 005 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