Mumbai, June 18: Following a firm stance from the US Federal Reserve, global stock markets have seen a decline, leading the Indian stock market to open flat on Thursday. Both Nifty50 and Sensex recorded slight drops during this session.
The 30-share BSE Sensex opened at 77,131.66, down by 23.96 points from its previous close of 77,155.62. Meanwhile, the NSE Nifty 50 opened at 24,073.80, reflecting a minor decline of 11.9 points from its last close of 24,085.70.
As of 9:18 AM, the Sensex had fallen by 19.04 points or 0.02 percent to 77,136.58, while the Nifty50 saw a slight increase of 4.30 points or 0.02 percent, trading at 24,090.00.
In the broader market, the Nifty Midcap and Nifty Smallcap indices were performing well, with gains of 0.17 percent and 0.24 percent, respectively.
Sector-wise, the Nifty IT index experienced the most significant decline. In contrast, the Nifty PSU Bank, Nifty Metal, and Nifty Consumer Durables sectors showed better performance.
Stocks like Infosys, Tech Mahindra, TCS, and HCLTech were among the biggest losers in the Nifty50 index.
The signing of an agreement between the US and Iran, along with a reduction in geopolitical tensions, has bolstered global investor confidence, resulting in notable gains in the Indian market over the past four trading sessions.
Meanwhile, the US Federal Reserve has maintained its target for federal funds at 3.5 percent to 3.7 percent. Although Chairman Kevin Warsh did not provide any forecasts on interest rates, the dot plot indicates that central bank officials foresee a potential increase in rates in 2026.
Additionally, following the interim agreement between the US and Iran, Brent crude prices have further declined, allowing for the opening of the Hormuz Strait and the lifting of Washington’s sanctions on Tehran’s oil.
Market experts suggest that the market momentum remains positive. The Relative Strength Index (RSI) has risen to 60.87, indicating increased buying strength. The MACD also shows a positive crossover with increasing green histogram bars, signaling strong buying in the market.
Experts note that the key resistance level for Nifty is currently at 24,100. If the index manages to stay above this level, it could see a rise towards 24,300 to 24,500. Conversely, the 23,900 to 23,800 range will act as strong support.
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