Mumbai: Indian frontline indices opened lower on Friday, with heavyweights like ITC, HUL, Asian Paints, and M&M falling the most.
At 9:58 a.m., the Sensex was down 200 points, or 0.25 percent, at 82,762, and the Nifty was down 63 points, or 0.25 percent, at 25,325.
Despite the initial dip in the Sensex and Nifty, the broader market trend remained resilient and bullish. On the National Stock Exchange (NSE), 1697 shares were trading in the green, a testament to the market’s strength, with only 598 shares in the red.
In early trading hours, the Nifty midcap 100 index was up 363 points, or 0.61 percent, at 60,003, and the Nifty smallcap 100 index was up 128 points, or 0.66 percent, at 19,482.
In the Sensex pack, Tata Steel, Wipro, JSW Steel, Tata Motors, Power Grid, Nestle, IndusInd Bank, NTPC, SBI, Bajaj Finserv, SBI and Kotak Mahindra Bank were the top gainers. Asian Paints, HUL, ITC, Bharti Airtel, M&M, Bajaj Finance, Infosys, Maruti Suzuki and UltraTech Cement were the top losers.
FMCG, pharma, financial services, and IT fell the most among the sectoral indices. PSU banks, metal, realty, and media contributed the most.
Hardik Matalia, Derivative Analyst of Choice Broking, said, “After a gap-up opening, Nifty can find support at 25,300, followed by 25,250 and 25,200. On the higher side, 25,500 can be immediate resistance, followed by 25,550 and 25,600.”
He further advised, “Traders holding long positions are advised to maintain them with a trailing stop loss at 25,000 on a closing basis while adding on dips remains a prudent strategy.” This guidance is aimed at helping traders navigate the market effectively.
It’s important to note that mixed trading is taking place in Asian markets. Hong Kong, Bangkok, and Jakarta are in the red, while Tokyo, Shanghai, and Seoul are in the green. The US markets closed in the green on Thursday, providing a comprehensive view of the global market scenario.
On September 12, foreign institutional investors (FIIs) bought equities worth Rs 7,695 crore, while domestic institutional investors also bought equities worth Rs 1,800 crore on the same day.
For more updates Subscribe to Media Eye News
–IANS
