Mumbai: Indian equity indices opened lower on Friday following 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 the green and 992 shares in the 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 an 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 commodity 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. SBI, UltraTech Cement, Reliance, NTPC, ICICI Bank, HDFC Bank, HCL Tech and Infosys are the top losers.
Mixed trading is taking place in the markets of Asia. There is a decline in Tokyo, Shanghai and Seoul. Jakarta and Bangkok are trading in the green. The US markets closed mixed on Thursday.
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 and, 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.
