The Indian stock market opened nearly flat on Friday, with benchmark indices showing little movement amid mixed global trends. Auto stocks weighed on sectoral indices in early trade.
Shares of ICICI Bank, Infosys, Kotak Mahindra Bank, Tata Motors, and Reliance Industries contributed to the subdued market performance.
As of 9:34 AM, the Sensex stood at 75,665.80, down 70.16 points or 0.09 percent, while the Nifty was at 22,890.40, slipping 22.75 points or 0.09 percent.
According to market analysts, the indices found support near 22,800/75,500 after a gap-down opening and rebounded.
Shrikant Chouhan, Head of Equity Research at Kotak Securities stated, “Following this reversal, the market exhibited range-bound activity throughout the day. Additionally, on daily charts, a small candle has formed, indicating non-directional activity.”
Bharti Airtel, ITC, Cipla, Larsen & Toubro, and Sun Pharmaceutical Industries helped limit losses on the Nifty 50 index.
Mahindra & Mahindra’s stock declined over 2 percent as the company prepared to subscribe to shares of Mahindra & Mahindra Financial Services Ltd. and Mahindra Lifespace Developers Ltd. under its rights entitlement.
Concerns over global factors persisted, including Wall Street’s overnight decline, potential trade disruptions from Trump-era tariffs, stubborn US inflation, and a cautious Federal Reserve stance on rate cuts.
Among sectoral indices, the NSE Nifty Auto was the worst performer, while NSE Nifty Realty led the gains.
The Indian rupee edged higher against the US dollar, trading at 86.55 per dollar, up 0.11 percent from its previous close of 86.67.
On 20 February, foreign institutional investors (FIIs) sold equities worth Rs 3,312 crore, while domestic institutional investors (DIIs) purchased stocks worth Rs 3,908 crore.
Meanwhile, INDIAVIX declined 4.78 percent on Thursday, settling at 14.6825.
Also Read: SBI Projects India’s Q3 GDP Growth At 6.2-6.3% Driven By Strong Demand & Capex
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