Sensex, Nifty open flat; Adani Green Energy shares gain 2%

The S&P BSE Sensex was down 61.58 points to 79,942.48, while the NSE Nifty50 lost 13.55 points to 24,180.95

Benchmark stock market indices opened flat on Wednesday after having seen a rebound in the previous few sesions. The Adani group stocks gained up to 2% in early trade after Adani Green Energy Ltd (AGEL) issued a statement clarifying that Gautam Adani, Sagar Adani, and senior executive Vneet Jaain have not been charged with violations of the US Foreign Corrupt Practices Act (FCPA).

The S&P BSE Sensex was down 61.58 points to 79,942.48, while the NSE Nifty50 lost 13.55 points to 24,180.95 as of 9:30 AM.

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said that President-elect Trump has already started declaring what he intends to do immediately upon his taking office on January 20.

"25% tariffs on Mexican and Canadian imports and an additional 10% tariffs on Chinese imports have already been announced. How these countries react to these tariffs remains to be seen. Trump has declared only 10% additional tariffs on Chinese imports indicating that he will be careful not to trigger imported inflation in the US. Market participants will be closely watching this trade space which has become unpredictable. India is unlikely to be impacted in the initial phase of Trump’s tariff plan but may come under Trump’s radar soon since India has a trade surplus with the US," he added.

"Market is likely to consolidate around the current levels since there are no immediate triggers for a breakout or a break down. A major market concern from relentless FII selling is receding since they have turned buyers, though marginally," said Vijayakumar.