Synopsis : Indian markets reversed early gains on Friday, with Sensex falling 150 points and Nifty slipping below 24,700. IT stocks weighed on benchmarks, though midcaps and select sectoral plays offered support.
Indian equities opened on a firm note on Friday, extending gains for the fourth straight session. The NSE Nifty 50 started 67 points higher at 24,801, while the BSE Sensex opened 237 points higher at 80,955. However, the initial momentum quickly faded, with both indices slipping into the red as IT stocks dragged the markets lower.
The Bank Nifty opened flat at 54,218, while the Nifty Midcap rose 173 points to 57,132, showing resilience in broader market segments. Despite early enthusiasm, selling pressure emerged as investors booked profits and geopolitical concerns lingered. Analysts noted that short-covering failed to materialize, and high valuations gave bears an edge.
According to VK Vijayakumar, Chief Investment Strategist at Geojit Investments, sustained mutual fund inflows worth ₹70,500 crores in August remain a strong support base for markets. He added that while short-term outlook is positive, fund flows will cushion declines.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, highlighted that a bullish breakout is possible only above 24,850, with potential upside towards 25,000. On the downside, support zones lie at 24,650–24,700, while a breach below 24,580 could weaken the uptrend.
Top Movers:
Gainers: Power Grid Corp, Asian Paints, Mahindra & Mahindra, Wipro, Reliance Industries
Laggards: ITC, Apollo Hospitals, Tata Consumer Products, Titan, Nestle India
Global Market Cues:
Asian equities traded higher, tracking overnight Wall Street gains. Japan’s Nikkei 225 rose 0.83%, and the Topix gained 0.31%. U.S. futures were steady, with Dow futures up 0.01%, S&P 500 futures up 0.09%, and Nasdaq 100 futures climbing 0.2%.
While domestic markets slipped off highs, the combination of global support and steady fund inflows could limit deeper corrections in the near term.
Disclaimer : This article is meant for informational purposes only and should not be considered financial advice. Investors should consult a qualified financial advisor before making any investment decisions.
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