Business

Stock Market Opens Nearly Flat; Auto Stocks Pressure Sectoral Indices

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

Mankrit Kaur

Recent Posts

US Vice President JD Vance Meets PM Modi In Delhi During First Official Visit To India

JD Vance, accompanied by Second Lady Usha Vance and their three children, met PM Modi…

9 hours ago

PM Modi Honours Civil Servants On Civil Services Day; Applauds Excellence In Public Administration

PM Modi, addressed civil servants at Vigyan Bhawan to mark the 17th Civil Services Day,…

10 hours ago

Amit Shah Extends Greetings On Civil Services Day; Hails Civil Servants For Governance

Union Home Minister Amit Shah extends his greetings to the civil servants. He lauded their…

12 hours ago

Union HM Amit Shah Hails Forces After Bokaro Encounter That Killed 8 Naxals

Union Home Minister Amit Shah lauded security forces for neutralising eight Naxals in Jharkhand's Bokaro.

12 hours ago

Kathak Debut of Mamta Farsaiya Mesmerises Delhi At ‘Manch Pravesh’ Celebration

Indian classical dance took the spotlight at the Stein Auditorium, India Habitat Centre, as Mamta…

12 hours ago

How To Stay Safe From Delhi’s Scorching Heatwave And Prevent Heat Stroke

With Delhi reeling under an intense heatwave and daytime temperatures crossing 44°C in some areas,…

13 hours ago