Nifty Above 25,400 as Sensex Opens Flat; IT & Banking Stocks Lead Early Gains
The Indian stock market opened marginally higher on Friday, buoyed by early gains in IT, PSU bank, and financial service stocks. However, broader market sentiment remained cautious due to mixed global cues and persistent FII selling pressure.
Mumbai: The Indian stock market opened marginally higher on Friday, buoyed by early gains in IT, PSU bank, and financial service stocks. However, broader market sentiment remained cautious due to mixed global cues and persistent FII selling pressure.
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At 9:34 am, the Sensex was trading up by 32.52 points (0.04%) at 83,271.99, while the Nifty 50 edged up by 3.45 points (0.01%) to 25,408.75.
According to market experts, Nifty opened positively but failed to hold key intraday levels, dipping below the 25,450 support and forming a bearish candlestick pattern on the daily chart — a potential signal of trend reversal.
Also Read: Indian Stock Market Opens Higher, Sensex Crosses 83,400
“A sustained move above 25,600 is necessary to reignite bullish momentum toward 25,750,” said Hardik Matalia, Derivative Analyst at Choice Broking. “On the downside, support is seen at 25,222 and 25,120, which may serve as buying zones for long-term investors.”
Sector and Broader Market Update
- Nifty Bank rose marginally by 9.90 points (0.02%) to 56,801.85.
- Nifty Midcap 100 was trading at 59,771.65, up 88.40 points (0.15%).
- Nifty Smallcap 100 added 24.75 points (0.13%) to 19,051.80.
Top Gainers and Losers in Sensex
- Top Gainers: Bajaj Finance, Bajaj Finserv, BEL, HDFC Bank, Hindustan Unilever.
- Top Losers: Trent, Tata Steel, Tech Mahindra, Titan.
Institutional Activity
Foreign Institutional Investors (FIIs) continued their selling spree, offloading ₹1,481.19 crore worth of equities on July 3. Meanwhile, Domestic Institutional Investors (DIIs) remained net buyers with purchases worth ₹1,333.06 crore.
Global Market Trends
Asian markets were mostly trading in the red with Bangkok, Hong Kong, Japan, Seoul, and Jakarta in decline. China was the only major Asian market trading in positive territory.
In the U.S., strong jobs data helped the markets close at record highs:
- Dow Jones: +344.11 points (0.77%) to 44,828.53
- S&P 500: +51.93 points (0.83%) to 6,279.35
- Nasdaq: +207.97 points (1.02%) to 20,601.10
Outlook
Analysts suggest that upcoming Q1 earnings results will be a key market driver in the coming days. “Earnings performance is expected to be company-specific, not sector-wide,” they noted, advising investors to stay cautious but watchful for breakout levels.
