Business

Indian Stock Indices Open Lower As Heavyweights Decline

Indian frontline indices opened lower on Friday, with notable declines in heavyweight stocks such as ITC, HUL, Asian Paints, and M&M contributing to the drop.

By 9:58 a.m., the Sensex had fallen 200 points, or 0.25%, to 82,762, while the Nifty had decreased by 63 points, or 0.25%, to 25,325.

Despite the dip in major indices, the broader market showed a positive trend. On the National Stock Exchange (NSE), 1,697 shares traded in the green, while 598 shares were in the red.

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In early trading, the Nifty Midcap 100 index rose 363 points, or 0.61%, to 60,003, and the Nifty Smallcap 100 index increased by 128 points, or 0.66%, to 19,482.

Top Losers And Top Gainers

Among the Sensex constituents, Tata Steel, Wipro, JSW Steel, Tata Motors, Power Grid, Nestle, IndusInd Bank, NTPC, SBI, Bajaj Finserv, and Kotak Mahindra Bank emerged as top gainers. Conversely, Asian Paints, HUL, ITC, Bharti Airtel, M&M, Bajaj Finance, Infosys, Maruti Suzuki, and UltraTech Cement were among the top losers.

Sectoral indices revealed that FMCG, pharma, financial services, and IT sectors experienced the most significant declines, while PSU banks, metals, realty, and media sectors showed the most gains.

Hardik Matalia, Derivative Analyst at Choice Broking, provided technical insights, stating, “After a gap-up opening, Nifty may find support at 25,300, with further support at 25,250 and 25,200. On the upside, 25,500 could act as immediate resistance, followed by 25,550 and 25,600.”

Prudent Strategy

Matalia advised traders to maintain long positions with a trailing stop loss at 25,000 on a closing basis and suggested adding positions on dips as a prudent strategy.

Asian markets showed mixed trading patterns. Hong Kong, Bangkok, and Jakarta saw declines, while Tokyo, Shanghai, and Seoul experienced gains. In the U.S., markets closed higher on Thursday.

Foreign institutional investors (FIIs) purchased equities worth Rs 7,695 crore on September 12, and domestic institutional investors also bought equities worth Rs 1,800 crore on the same day.

Richa Kaushik

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