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 the Nifty shed 109.50 points or 0.44% to 24,656.40. Around 9:30 AM, losses moderated slightly with Sensex at 79,699.81 (down 0.40%) and Nifty at 24,679.30 (down 0.35%).
Midcap and smallcap indices outperformed, with Nifty Midcap 100 up 0.48% and Nifty Smallcap 100 advancing 0.64%. Among sectors, IT shone brightest, gaining 1.23%, offsetting declines in auto (down 0.60%), FMCG (0.02%), and banking (0.85%). This follows Thursday’s rebound, where Sensex soared 1.14% and Nifty 1.17%, breaking a four-session slump.
Choice Broking’s Akash Shah pointed to critical technical zones: support at 24,500-24,550 for Nifty and resistance at 24,850. ‘RSI at 37.55 indicates emerging recovery signals post-oversold conditions,’ he observed. FIIs sold Rs 3,752 crore for the fifth day running, countered by DIIs’ Rs 5,000+ crore buying spree over seven sessions.
With markets volatile due to international headwinds, analysts recommend patience. Stick to fundamentally sound names during corrections. A clear Nifty break above 25,000 would validate bullish momentum and pave the way for a lasting uptrend, offering cues for strategic entries.
