Indian Stock Market Opens Flat Amid U.S.-Russia Summit Anticipation

The Indian stock market opened nearly flat on Monday, reflecting investor caution ahead of the upcoming summit between U.S. President Donald Trump and Russian President Vladimir Putin this weekend. The Nifty 50 index started the session at 24,371.50, showing a slight uptick of 8.20 points or 0.03%, while the BSE Sensex opened at 79,885.36, marking an increase of 27.57 points or 0.03%.

Market analysts are keeping a close watch on developments from the summit to gauge potential tariff actions by Trump on India. Ajay Bagga, Banking and Market Expert, commented to ANI, "The key drivers this week are truce, tariffs, and a shortened trading week. We anticipate a truce announcement as Trump meets Putin in Alaska. Tariff discussions remain central as China's deadline approaches today, with an extension likely. The Independence Day holiday offers a long weekend, possibly aligning with a Ukraine-Russia truce, leading to market volatility with no immediate catalyst for a positive shift in Indian markets." Bagga further noted the lack of government relief measures for exporters impacted by Trump tariffs, which could affect market sentiment. Meanwhile, shallow market movements are expected, with recovery potential by week's end.

Among broader NSE market indices, Nifty 100 climbed 0.04%, while Nifty Midcap 100 and Nifty Smallcap 100 started lower. Sectoral indices show Nifty Auto up 0.22%, Nifty Metal higher by 0.07%, and Nifty Realty rising 0.13%. However, Nifty IT and Nifty FMCG dipped approximately 0.09%, Nifty Pharma showed a slight decline, and Nifty Consumer Durables decreased by 0.81%.

In early trading, top gainers in the Nifty 50 included Grasim, State Bank of India, Trent, NTPC, and Adani Enterprises, whereas ICICI Bank, Bharat Electronics (BEL), Tata Motors, Asian Paints, Adani Ports, and Tata Consumer Products were among the top losers. On the earnings front, companies like Astral Limited, SJVN, Ipca Laboratories, and others are set to announce their first-quarter results today.

Sunil Gurjar, a SEBI-registered analyst and founder of Alphamojo Financial Services, remarked, "Nifty 50 closed down by 202 points, demonstrating a strong bearish trend, marking six consecutive weekly declines, the longest since March 2020. A fall below 24,650 would confirm the continued downtrend as prices linger near the 200-EMA, posing risk for further declines." He indicated that Nifty 50 is nearing crucial support at 23,750, with a breach possibly heightening negative sentiment and pushing markets lower, though if held, a reversal is still a possibility.

Elsewhere in Asia, Japan's Nikkei 225 rose by 1.82%, Taiwan's weighted index increased by 0.30%, and South Korea's KOSPI climbed 0.18%. However, Singapore's Straits Times and Hong Kong's Hang Seng indices were trading lower when ANI reported.

(With inputs from agencies.)