The domestic benchmark indices opened flat on Friday, reflecting negative cues from Asian markets.
Early trading saw selling pressure in the IT and automobile sectors, yet steady institutional buying helped maintain market stability.
Market Performance And Sector Movements
At 9:29 AM, the Sensex traded slightly higher by 11.77 points or 0.01% at 81,644.79, while the Nifty gained 13.20 points or 0.05% to reach 24,846.80.
The Nifty Bank index rose 81.20 points or 0.15% to 55,627.25. Meanwhile, the Nifty Midcap 100 advanced by 250.40 points (0.44%) to 57,707.65, and the Nifty Smallcap 100 climbed 37.75 points (0.21%) to 17,927.15.
Analysts noted a strong recovery in the Nifty during the final minutes of Thursday’s trading, after spending much of the session in negative territory.
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Akshay Chinchalkar, Head of Research at Axis Securities, explained, “Although the Nifty remains trapped in a sideways range between 24,462 and 25,116, yesterday’s rebound showed a long lower shadow and a small real body near the day’s high, which is a bullish signal. Immediate support and resistance lie at 24,677 and 25,000, respectively.”
Within the Sensex, shares of Infosys, Tech Mahindra, HCL Tech, Bajaj Finance, IndusInd Bank, Bharti Airtel, Titan, and Hindustan Unilever Limited declined.
In contrast, Adani Ports, Eicher Motors, Maruti Suzuki, and Sun Pharma recorded gains.
Global Market Trends Influence Domestic Sentiment
Asian markets, including Hong Kong, Bangkok, Seoul, China, and Japan, traded lower on Friday amid broad risk-off sentiment.
Meanwhile, US markets closed higher on Thursday with the Dow Jones up 117.03 points (0.28%) to 42,215.73, the S&P 500 rising 23.62 points (0.40%) to 5,912.17, and the Nasdaq gaining 74.93 points (0.39%) to 19,175.87.
Dr VK Vijayakumar, Chief Investment Strategist at Geojit Investments Ltd, highlighted two key trends impacting the market.
“India’s macroeconomic fundamentals remain strong and are improving. However, this positive momentum is yet to be reflected in corporate earnings,” he said, explaining that this disconnect underpins the current range-bound movement.
Institutional Investors Continue Buying
On the institutional front, foreign institutional investors (FIIs) bought equities worth ₹884.03 crore on 29 May, while domestic institutional investors (DIIs) purchased shares worth ₹4,286.50 crore, supporting market stability.
Market experts suggest that steadily improving macroeconomic indicators, including resilient GDP growth, declining inflation and interest rates, and narrowing fiscal and current account deficits, provide a solid foundation for medium-term economic strength and earnings recovery.
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