Indian stock indices began Friday’s trading session on a downbeat note, influenced by a blend of global market trends.
By 9:48 AM, the Sensex had fallen by 430 points, or 0.52%, settling at 81,771, while the Nifty dropped 118 points, or 0.48%, to 25,023.
Despite the opening decline, the overall market sentiment remains positive.
On the National Stock Exchange (NSE), 1,138 stocks were advancing, while 992 were declining.
Choice Broking suggests that the Nifty might find immediate support around 25,050, with additional levels at 25,000 and 24,950.
Conversely, resistance could emerge near 25,250, followed by 25,300 and 25,350.
The midcap and smallcap sectors have faced notable declines.
The Nifty midcap 100 index decreased by 330 points, or 0.56%, to 59,117, while the Nifty smallcap 100 index fell by 33 points, or 0.17%, to 19,487.
Additionally, the India VIX, which measures market volatility, rose by 5% to 14.93.
Sector performance showed a stark contrast: PSU Banks, energy, infrastructure, media, and commodities experienced significant losses, while pharmaceuticals, FMCG, metals, and IT sectors saw gains.
In the Sensex index, stocks such as Bajaj Finserv, Bajaj Finance, Asian Paints, HUL, Wipro, IndusInd Bank, TCS, Bharti Airtel, Tech Mahindra, Nestle, Tata Motors, and Tata Steel emerged as top gainers. Conversely, SBI, UltraTech Cement, Reliance, NTPC, ICICI Bank, HDFC Bank, HCL Tech, and Infosys were among the top losers.
Asian markets presented a mixed picture, with declines noted in Tokyo, Shanghai, and Seoul, while Jakarta and Bangkok showed gains. The US markets had a mixed close on Thursday.
Experts remain optimistic about the Indian economy, highlighting a robust 47% increase in FDI for Q1 FY25 and a steady drop in Brent crude prices to below $73.
Financial stability and growth momentum are strong, although elevated valuations remain a concern. Investors should focus on well-valued quality stocks during market dips.
Looking ahead, market trends may be influenced by upcoming US jobs data, expected to be released later today.
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