Indian markets open flat amid Trump's tariff threat to BRICS nations

New Delhi [India], January 31 (ANI): Indian stock markets opened flat in the green on Friday as concerns over potential U.S. tariffs on BRICS nations kept investors cautious.
The Nifty 50 index opened at 23,296.75, gaining 47.25 points (0.2 per cent), while the BSE Sensex opened at 76,888.89, rising 129.08 points (0.17 per cent).
Market experts highlighted the uncertainty surrounding the Trump administration's possible tariff announcement on February 1, which could impact global trade and inflation. If the tariffs are delayed, risk-on sentiment may improve.
Ajay Bagga Banking and Market Expert told ANI "Trump Tariffs loom as the risk for markets. Trump administration may announce some tariffs on Feb 1. Markets are on edge given the impact on supply chains, trade balances and inflation this protectionism could have on the global economy, in case the tariffs are postponed, risk on sentiment will get another boost. The market moving event is Feb 1 Union Budget. The Nifty has made a 23-year record in closing negative for 4 months in a row for the first time post 2021."
U.S. President Donald Trump on Thursday in a social media post stated, "The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER. We are going to require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100 per cent Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy."
In the sectoral indices on NSE, Banking, Metal. Realty Oil and Gas shares in pressure at the time of filing this report. In the Nifty 50 stocks list 27 stocks opened with gains while 24 in pressure.
"The index finished up for the third straight day and in doing so, now has its sights set on a resistance area that falls between 23387 - 23433, which also includes the bearish engulfing candle's high from January 21st. Note that yesterday's peak occurred at the falling 20-day average, which for the day lies near 23300, so that will be the immediate hurdle, which, given Gift nifty's 180-point jump should give way" said Akshay Chinchalkar, Head of Research, Axis Securities.
He further added "Support sits near 23108. What's notable is that the December close was 23644, so if we aren't able to close above this level today, it will be the first time since September 2001 that the nifty would have fallen for four successive months".
Major companies set to announce their Q3 results include Sun Pharmaceutical Industries, ONGC, Nestle India, Vedanta, PNB, Cholamandalam Investment, Marico, IndusInd Bank, Vishal Mega Mart, UPL, IRB Infrastructure, LIC Housing Finance, Aster DM Healthcare, and Poonawalla Fincorp.
Among Asian markets, Singapore's Strait Times Index led with a 1.7 pc surge, while South Korea's KOSPI lagged. Japan's index remained flat, while Hong Kong's Hang Seng and Taiwan Weighted Index closed in positive territory. (ANI)