Mumbai: The Indian stock market opened on a weaker note on Friday as investors reacted to mixed global signals. Early trade saw selling pressure in key sectors such as IT, financial services, and pharma, dragging the benchmark indices lower.
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Sensex and Nifty Start in the Red
At 9:29 AM, the BSE Sensex was down by 231.64 points or 0.28% at 82,299.10, while the NSE Nifty slipped 49.95 points or 0.20% to 25,012.15. Despite the weak opening, technical charts indicate bullish undertones with Nifty maintaining levels above 25,000.
Sectoral and Broader Market Performance
The Nifty Bank index was marginally lower by 52.40 points or 0.09%, trading at 55,303.20. However, broader markets showed resilience:
- Nifty Midcap 100 rose 169.20 points or 0.30% to 56,700.05
- Nifty Smallcap 100 advanced 78.45 points or 0.46% to 17,318.40
Technical Outlook Remains Positive
According to Hardik Matalia, Technical Analyst at Choice Broking, the Nifty formed a strong bullish candle and broke out of an inside bar pattern, signaling sustained buying interest.
“Immediate support is at 24,850–24,700, while resistance is at 25,100 and 25,235. A breakout above 25,235 could push the index toward 25,500–25,743,” he noted.
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Traders are advised to adopt a buy-on-dips strategy but avoid heavy overnight positions due to global uncertainties.
Top Gainers and Losers on Sensex
Top Gainers:
- UltraTech Cement
- Bajaj Finserv
- NTPC
- Maruti Suzuki
- Axis Bank
Top Losers:
- Bharti Airtel
- IndusInd Bank
- SBI
- Infosys
- HCL Tech
- M&M
Mixed Global Cues Weigh on Sentiment
Asian markets were mixed:
- In red: China, Hong Kong, Japan
- In green: Bangkok, Jakarta, Seoul
In the U.S., major indices ended mixed on Thursday:
- Dow Jones: +271.69 pts (0.65%)
- S&P 500: +24.35 pts (0.41%)
- Nasdaq: -34.49 pts (-0.18%)
U.S. Economic Data Signals Easing Inflation
The April Producer Price Index (PPI) in the U.S. declined by 0.5%, surprising economists who anticipated a 0.2% increase. The drop may point to easing inflation pressures at the wholesale level.
Federal Reserve Chair Jerome Powell commented on the central bank’s ongoing review of its monetary policy framework, indicating adjustments to reflect post-pandemic economic dynamics.
Institutional Activity: FIIs Net Buyers
- Foreign Institutional Investors (FIIs) bought equities worth ₹5,392.94 crore on May 15
- Domestic Institutional Investors (DIIs) offloaded equities worth ₹1,668.47 crore