Indian equity markets opened on a weaker note on Friday as investors digested second-quarter (Q2) earnings from leading companies such as Infosys, Wipro, and Eternal.
Disappointing performance in the IT sector dragged key indices lower, while global market trends added to the cautious sentiment.
At 9:20 AM, the BSE Sensex fell by 103 points or 0.12 per cent to 83,365, while the NSE Nifty slipped 33 points or 0.13 per cent to 25,552.
Analysts noted that the muted start reflected both profit booking and apprehension over global market trends.
Markets tracked negative cues from Asian peers, as renewed geopolitical tensions between the United States and China weighed on global investor confidence.
The rise in gold prices to record levels further highlighted the risk-averse sentiment, though a sharp fall in crude oil prices—Brent crude at around $60 per barrel—offered a glimmer of relief for the Indian economy by easing import pressures.
Among the major laggards were Eternal, HCL Tech, Infosys, Tech Mahindra, Power Grid, Kotak Mahindra Bank, Trent, Tata Steel, Ultratech Cement, and ICICI Bank, which collectively declined up to 3.5 per cent.
In contrast, gains in Asian Paints, Tata Motors, ITC, Bharti Airtel, Mahindra & Mahindra, and Maruti Suzuki helped offset deeper losses, with these stocks rising between 0.3 per cent and 3 per cent.
IT Sector Leads the Decline
The technology sector bore the brunt of the market weakness, with the Nifty IT index dropping 1.13 per cent, making it the biggest sectoral drag.
Analysts attributed the fall to subdued guidance and profit margins reported by top IT firms in their Q2 earnings.
The Nifty Pharma and PSU Bank indices also saw mild declines of 0.3 per cent each, while midcap and smallcap indices moved in mixed directions—Nifty MidCap slipped 0.28 per cent, and Nifty SmallCap edged up 0.10 per cent.
Despite the early weakness, experts maintained that the market’s technical structure remains strong.
“The Nifty managed to close above the 25,550 mark with a bullish candle, signalling strength in the near term,” analysts said.
They identified support at 25,500 and 25,400, while resistance lies near 25,700 and 25,800 levels.
Market specialists added that the ongoing short-covering in select sectors could continue to lend stability.
“The market remains resilient and technically firm. Heavy short positions could keep bears under pressure, encouraging further short covering,” they said.
As earnings season progresses, investors are likely to watch corporate results closely, particularly in the banking and auto sectors, which may drive the next leg of movement.
Global factors—especially the evolving US-China trade narrative and commodity price trends—will continue to influence market direction.
Despite short-term volatility, analysts expect Indian equities to maintain medium-term strength, supported by robust domestic fundamentals and a resilient investor base.
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