Markets Open Slightly Higher As Global Sentiment Remains Mixed; IT, PSU Banks Lead Early Gains

Markets kicked off Friday’s session on a modestly positive note, supported by selective buying in IT, PSU banks, and financial services despite mixed global cues.

By 9:34 AM, the BSE Sensex edged up by 32.52 points, or 0.04%, to 83,271.99, while the NSE Nifty inched higher by 3.45 points, or 0.01%, to 25,408.75.

Analysts noted that the Nifty 50 opened on firm footing but quickly lost momentum, slipping below its intraday support at 25,450.

The index also formed a bearish candlestick on the daily chart, raising caution about near-term direction.

Hardik Matalia, Derivative Analyst at Choice Broking, stated, “This development may signal a potential trend reversal; however, further confirmation is awaited. A sustained move above 25,600 could pave the way for a rally toward 25,750.”

On the flip side, immediate support levels are pegged at 25,222 and 25,120, which could offer fresh long opportunities, he added.

Nifty Bank gained 9.90 points or 0.02% to trade at 56,801.85 in early trade.

The Nifty Midcap 100 advanced by 88.40 points or 0.15% to 59,771.65, while the Nifty Smallcap 100 rose by 24.75 points or 0.13% to 19,051.80.

Market observers advised investors to closely monitor the Q1 earnings season for signals of changes in corporate growth trends. Any outperformance is likely to be stock-specific rather than sector-wide.

In the Sensex basket, Bajaj Finance, Bajaj Finserv, BEL, HDFC Bank, and Hindustan Unilever Limited emerged as the top performers.

On the losing side were Trent, Tata Steel, Tech Mahindra, and Titan.

From the institutional perspective, Foreign Institutional Investors (FIIs) continued their selling streak for the fourth straight day, offloading equities worth ₹1,481.19 crore on 3 July.

Conversely, Domestic Institutional Investors (DIIs) remained net buyers, investing ₹1,333.06 crore during the same session.

Global markets mixed; Wall Street rallies

Across Asia, markets in Bangkok, Hong Kong, Japan, Seoul, and Jakarta traded lower, while China bucked the trend with modest gains.

On Wall Street, the Dow Jones closed at 44,828.53, up 344.11 points or 0.77%.

The S&P 500 climbed 51.93 points or 0.83% to 6,279.35, and the Nasdaq rose 207.97 points or 1.02% to end at 20,601.10.

Viram Shah, Founder and CEO of Vested Finance, commented that US markets closed on a strong note following better-than-expected jobs data, with 1,47,000 jobs added and unemployment dipping to 4.1%, lifting the S&P 500 and Nasdaq to record highs.

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