Stock market today: Sensex and Nifty slip slightly; trade opens flat amid global pressure

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Indian equity benchmarks opened on a cautious note on Wednesday, reflecting tepid global cues and uncertainty surrounding tariff developments in the United States. As per ANI, the broader sentiment remained restrained, despite recent gains, owing to fresh concerns regarding potential trade barriers.

At the start of trade, the BSE Sensex was down by 119.60 points, or 0.16 per cent, settling at 76,615.29. Simultaneously, the NSE Nifty slipped by 36.35 points or 0.16 per cent to open at 23,292.20.

According to ANI, among the major gainers in early trade were Shriram Finance, IndusInd Bank, Apollo Hospitals, Kotak Mahindra Bank and Axis Bank. On the other hand, key laggards included Infosys, Maruti Suzuki, Tech Mahindra, Tata Consumer Products, and Cipla.

Akshay Chinchalkar, Head of Research at Axis Securities, noted that Tuesday's trading session formed a ‘hanging man' candlestick pattern on the charts, a potential indicator of slowing momentum. "Immediate support lies at 23,207, while resistance is expected in the 23,400-23,500 zone. Bulls must protect the crucial 22,924 level to keep the rally alive towards the recent swing high of 23,870," he stated.

As per ANI reports, Ajay Bagga, a market and banking analyst, highlighted that Indian markets currently remain around 12 per cent below their all-time highs recorded in late September. Broader indices have experienced deeper corrections. "There was a noteworthy uptick in foreign portfolio investments (FPIs) in the cash segment recently, which has lifted all indices. The domestic currency has also shown signs of strengthening," Bagga said.

He further added that sustained buying interest from FPIs, coupled with healthy domestic investor participation, could act as a catalyst for a renewed surge in Indian equities. The upcoming earnings season and further guidance on global trade will also be closely monitored by investors.

According to ANI, Bagga pointed out that recent comments from US officials suggest that the 20 per cent 'reciprocal' tariffs, previously lowered to 10 per cent under the Trump administration are unlikely to be completely rolled back. These tariffs, especially those on automobiles and metals, continue to loom over global trade prospects.

Market experts are closely watching developments between the US and China, particularly following the US Commerce Department's decision to launch an investigation into pharmaceutical and semiconductor imports. This move could potentially result in additional tariffs, which would weigh on global sentiment.

(With inputs from ANI)