In a session marked by global jitters, India’s benchmark indices opened flat on Friday, with defense and banking heavyweights stepping up to cushion the downside. The Sensex was down just 17 points at 82,434 by 9:24 AM, and Nifty slipped 10 points to 25,444. This muted start comes against a backdrop of softening international signals, underscoring the market’s resilience in pockets.
Key gainers included Nifty PSU Bank, India Defence, Energy, PSE, Private Bank, and Metal indices, which buoyed sentiment amid widespread caution. Conversely, IT, media, pharma, services, healthcare, and auto packs traded lower, weighed down by profit-taking and sector woes.
Smaller stocks felt the pinch more acutely: Nifty Midcap 100 declined 47 points to 59,180, and Nifty Smallcap 100 dropped 57 points to 16,963. The broader market’s vulnerability was evident, as investors rotated into safer bets.
Sensex top performers featured L&T, BEL, NTPC, HUL, Titan, Axis Bank, Power Grid, and Adani Ports, showcasing strength in infrastructure, defense, and consumer goods. Losers were dominated by tech names like Infosys, Tech Mahindra, HCL Tech, alongside Interglobe, Bharti Airtel, M&M, Asian Paints, and UltraTech Cement.
Overseas, Asian markets were mostly red with Tokyo, Hong Kong, Jakarta, and Bangkok declining, though Seoul advanced. Wall Street ended Thursday in negative territory. Analysts point to U.S.-Iran frictions as the primary culprit, fueling risk aversion and lifting oil prices—Brent at $71.81 (up 0.21%) and WTI at $66.56 (up 0.24%).
Institutional flows remained outflows: FIIs net sold 880.49 crore rupees, and DIIs offloaded 596.28 crore on Thursday. With crude firmness persisting, energy-sensitive sectors may see mixed reactions. Market participants brace for volatility, as defense plays provide a temporary shield in this uncertain landscape.