Geopolitical jitters from West Asia overshadowed positive domestic momentum as Indian equities opened lower on the final trading day of the week. The benchmark Sensex tumbled 356.91 points or 0.45% to 79,658.99 at the opening bell, while Nifty shed 109.50 points or 0.44% to 24,656.40.
As trading progressed to 9:30 AM, losses moderated slightly with Sensex at 79,699.81 (-316.09 points, 0.40%) and Nifty at 24,679.30 (-86.60 points, 0.35%). Midcap and smallcap indices outperformed, with Nifty Midcap 100 up 0.48% and Smallcap 100 advancing 0.64%.
IT stocks stole the show, with Nifty IT soaring 1.23%. Autos lagged with a 0.60% drop, followed by banks (-0.85%) and FMCG (-0.02%). This reversal follows Thursday’s strong rebound, where Sensex jumped 1.14% and Nifty 1.17%, breaking a four-session slump.
Choice Broking’s Akash Shah points to Nifty’s critical support at 24,500-24,550 and resistance at 24,850. RSI climbing to 37.55 from oversold levels indicates emerging recovery signals.
FIIs persisted with net selling for five days, dumping Rs 3,752 crore in stocks, but DIIs countered with Rs 5,000+ crore buys over seven sessions, cushioning the downside.
With volatility spiking due to international headwinds, market watchers recommend patience. Stick to fundamentally sound names in corrections, and eye Nifty’s breach above 25,000 for bullish confirmation and new positions.