Indian Stock Market Ends Flat Amid PM Modi-Donald Trump Meet
The Indian stock market on Thursday saw a choppy session as benchmark indices gave up early gains and ended flat, with investors awaiting the outcome of the meeting between Prime Minister Narendra Modi and US President Donald Trump that aims to boost the growing relations between the two largest democracies.
The BSE Sensex, which had started the day on a positive note, quoting at 39,100 points, eventually settled at 38,860 points, down by 23 points from the previous day’s close. The Nifty50, the broader market index, also remained flat, quoting at 23,000 points, up by just 2 points from the previous day’s close.
The meeting between PM Modi and President Trump, which is expected to focus on trade and defence cooperation, was the key factor that kept investors on the edge, leading to a lack of clear direction in the market. The anticipation of some concrete announcements or agreements from the meeting kept investors cautious, leading to a flat close.
The broader market indices also saw a mixed trend, with the BSE Midcap and Smallcap indices quoting at 14,600 points and 15,400 points, respectively, up by 0.1% and 0.2% from the previous day’s close.
The Indian rupee, however, strengthened by 0.1% against the US dollar, quoting at 71.45, amid expectations of some positive outcomes from the meeting.
Among the sectoral indices, the BSE Healthcare and Consumer Durables indices were the top gainers, quoting at 22,300 points and 18,400 points, respectively, up by 0.5% and 0.3% from the previous day’s close. The BSE IT and Bankex indices, on the other hand, settled at 19,200 points and 23,300 points, respectively, down by 0.2% and 0.1% from the previous day’s close.
In terms of trading volumes, the BSE saw a turnover of Rs 7.5 lakh crore, up by 1.5% from the previous day’s level. The NSE saw a turnover of Rs 11.5 lakh crore, up by 2.5% from the previous day’s level.
From a technical perspective, the BSE Sensex is trading near its 50-day moving average, which stands at 38,500 points. The index needs to break above this level to regain its upward momentum. The Nifty50 is trading at its 50-day moving average, which stands at 22,900 points.
The meeting between PM Modi and President Trump is expected to focus on several key areas, including trade, defence, and energy cooperation. The meeting is also expected to touch upon the issue of terrorism and the need for greater cooperation between the two countries to combat it.
In terms of trade, India and the US have been engaged in talks to resolve the trade disputes, which have been impacting bilateral trade. The meeting is expected to provide some clarity on the tariffs imposed by both countries on each other’s goods.
In terms of defence, India and the US have been strengthening their defence ties in recent years, with the US providing India with state-of-the-art military hardware and technology. The meeting is expected to discuss ways to further deepen this cooperation.
In terms of energy cooperation, India and the US have been working together to reduce dependence on imported oil and promote the use of clean energy. The meeting is expected to discuss ways to further strengthen this cooperation.
Overall, the meeting between PM Modi and President Trump is expected to have a positive impact on the Indian stock market, as it is likely to provide some clarity on the trade and defence fronts. However, the market will need to wait for some concrete announcements or agreements from the meeting to regain its upward momentum.
