The Indian stock market opened on a cautious note on Thursday, with the benchmark Sensex and Nifty indices falling amid mixed global cues and sectoral shifts.
At 9:26 AM, the Sensex was down 208 points or 0.26 per cent, trading at 81,122, while the Nifty declined by 54 points or 0.22 per cent to 24,612.
The decline was primarily driven by selling pressure in heavyweight stocks, including Power Grid, Kotak Mahindra Bank, and Sun Pharma, which weighed heavily on the indices in the early session.
Conversely, buying interest was visible among midcap and smallcap stocks, signalling divergent trends within the market.
The Nifty Midcap 100 index advanced by 169 points or 0.30 per cent to 56,306, while the Nifty Smallcap 100 index gained 96 points or 0.56 per cent, reaching 17,243.
This divergence suggests that investors are seeking opportunities beyond the blue-chip stocks, focusing more on the mid and small segments.
Sectoral Movements
Sector-wise, auto, public sector undertaking (PSU) banks, metal, media, infrastructure, and commodities were among the key gainers.
On the other hand, information technology (IT), fast-moving consumer goods (FMCG), real estate, and energy sectors experienced notable declines during the opening trade.
Hardik Matalia, a market analyst at Choice Broking, commented on the market’s prospects, “If the Nifty sustains above the 24,700 level, it could move higher toward the 24,850–25,000 range. On the downside, immediate support is seen at 24,500 and 24,350, which may serve as attractive entry points for long positions.”
Within the Sensex constituents, notable gainers included Adani Ports, Tata Motors, Bharti Airtel, Tech Mahindra, Tata Steel, UltraTech Cement, and Bajaj Finance.
On the losing side were Power Grid, IndusInd Bank, Sun Pharma, Infosys, Zomato’s parent company (Eternal), and Axis Bank.
Given the current environment of market uncertainty and volatility, Matalia advised traders to exercise caution, especially those engaging in high-leverage positions, “A cautious ‘wait and watch’ approach is advisable.”
Global Market Overview
The cautious mood in India mirrored global trends. Most Asian markets traded lower, with Tokyo, Shanghai, Hong Kong, Bangkok, and Seoul registering losses.
However, Jakarta bucked the trend by closing in the green.
In the United States, markets closed mixed on Wednesday. The Dow Jones Industrial Average slipped 0.21 per cent, while the Nasdaq Composite, boosted by technology stocks, rose 0.72 per cent.
On the domestic front, foreign institutional investors (FIIs) were net buyers, acquiring equities worth ₹931 crore on May 14.
Domestic institutional investors (DIIs) also bought shares worth ₹316 crore, indicating continued interest from institutional players despite market volatility.
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