Mumbai: Indian equity indices opened lower on Friday amid mixed cues from global markets.
At 9.48 a.m., Sensex was down 430 points or 0.52 per cent at 81,771, and Nifty was down 118 points or 0.48 per cent at 25,023.
The broader market trend remains positive. On the National Stock Exchange (NSE), 1138 shares were trading in green, and 992 were trading in red.
Choice Broking said, “After a gap-down opening, Nifty can find support at 25,050, followed by 25,000 and 24,950. On the higher side, 25,250 can be immediate resistance, followed by 25,300 and 25,350.”
Selling is seen in the midcap and smallcap stocks. Nifty midcap 100 index is down 330 points or 0.56 per cent at 59,117. Nifty smallcap 100 index is down 33 points or 0.17 per cent at 19,487 points.
India’s volatility index (India VIX) is up by 5 per cent at 14.93.
Among the indices, PSU Bank, energy, infra, media, and commodities are major losers. Pharma, FMCG, metal, and IT are major gainers.
In the Sensex pack, Bajaj Finserv, Bajaj Finance, Asian Paints, HUL, Wipro, IndusInd Bank, TCS, Bharti Airtel, Tech Mahindra, Nestle, Tata Motors and Tata Steel are the top gainers. The top losers are SBI, UltraTech Cement, Reliance, NTPC, ICICI Bank, HDFC Bank, HCL Tech, and Infosys.
Mixed trading is taking place in the Asian markets. Tokyo, Shanghai, and Seoul are declining, while Jakarta and Bangkok are trading in the green. The US markets closed mixed on Thursday.
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According to the market experts, “The Indian economy continues to do well and the macros are improving as indicated by the 47 per cent growth in FDI in Q1 FY25 and the steady decline in Brent crude prices to below 73 dollars now. There is financial stability and the growth momentum in the economy continues to be strong. The only concern is the elevated valuations; therefore, investors should prioritise buying fairly valued quality stocks on declines.”
“The near-term trend in the market will be influenced by the US jobs data to be published tonight,” they added.
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–IANS
