Synopsis: Indian markets opened on a cautious note Friday, dragged by IT stocks and weak global cues. Investors remain watchful after the US Fed’s rate cut failed to meet dovish expectations.
The Indian benchmark indices opened marginally lower on Friday as global uncertainties weighed on investor sentiment. At 9:26 am, the Sensex was down 241 points (0.29%) at 82,772, while the Nifty50 slipped 63 points (0.25%) to 25,360.
The decline followed the US Federal Reserve’s 25-basis-point rate cut, which disappointed markets as the outlook on further easing remained cautious. Analysts said traders are awaiting more clarity on the US policy path before placing large bets.
Key Market Highlights
- Gainers: Hero MotoCorp, Shriram Finance, Maruti Suzuki, NTPC, Tech Mahindra
- Losers: ICICI Bank, Bajaj Finance, Tata Consumer, Titan Company
- Sectoral Performance: Nifty IT fell 0.40%, emerging as the top loser, while FMCG and Private Bank indices also slipped. Realty and PSU Banks were the only sectors holding gains.
Meanwhile, Nifty Midcap 100 rose 0.16%, while Nifty Smallcap 100 slipped 0.04%.
Technical View
Analysts see 25,500–25,600 as a key resistance zone for Nifty, while support lies at 25,300–25,100.
“Market is on an uptrend and well-positioned to set new records soon. Fundamentals, technicals and sentiments are favorable, with earnings expected to improve from Q3 onwards,” said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
He added that sentiment could further improve if a US-India trade deal is concluded without punitive tariffs.
Global Cues
- US Markets: Nasdaq +0.94%, S&P 500 +0.48%, Dow +0.27%
- Asia: Japan’s Nikkei +0.77%, Hong Kong’s Hang Seng +0.12%, Shenzhen +0.23%, Shanghai -0.12%, South Korea’s Kospi -0.46%
On Thursday, FIIs bought equities worth ?366 crore, while DIIs were net buyers at ?3,326 crore, reflecting continued domestic support despite global volatility.
Disclaimer: This article is for informational purposes only and should not be considered as financial advice. Investors are advised to consult certified professionals before making investment decisions.
