Sep 30, 2024 09:49 AM IST
Indian stock market opened lower with Nifty 50 down 0.45% and BSE Sensex falling 0.42%. Experts predict increased volatility due to the upcoming US elections.
Indian stock market opened with a decline today (September 30) as the upcoming US election increases volatility in equities worldwide. The Nifty 50 index opened at 26,061.30 points, down by 0.45 per cent or 117.65 points while BSE Sensex fell by 363 points or 0.42 per cent during the opening, settling at 85,208.76 points.
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All sectors opened in the red except Nifty Metal, Nifty FMCG, and Nifty Pharma. The top gainers of the Nifty 50 include NTPC, Hindalco, BPCL, JSW Steel, and Tata Steel while top losers include Hero MotoCorp, Tech Mahindra, Infosys, Nestle India, and ICICI Bank.
How US elections will impact Indian stock market?
Experts said that volatility in the stock market tends to increase due to the US presidential elections. However, the stock rally to return once the elections conclude, they said.
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Ajay Bagga, banking and market expert, said, “India is a beneficiary of the rate cuts as a vibrant emerging market. We are entering a historically weak month for US equities, which normally weaken going into the Presidential Elections and then rally, irrespective of the result for the US Presidency, the Senate and the US House of Representatives.”
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He said, “The close contest this time around raises the specter of many days and weeks of uncertainty and recounts in close, swing states. That will lead to market volatility for sure. Fasten seatbelts for a very interesting October but stay invested. It’s not going to be an easy October nor a one-way market”
How are global stock markets performing?
In the Asian markets, Chinese and Hong Kong markets rallied due to stimulus measures unleashed on both the monetary and fiscal policy fronts. Over the last week, the Chinese market cap has risen by USD 1.3 trillion and the Hong Kong market cap is up by USD 500 billion. The Shanghai Composite surged by more than 5 per cent, while Hong Kong’s Hang Seng gained 1.95 per cent.
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