Indian equity markets opened lower on Friday, with Nifty50 at 25,594.35 and BSE Sensex at 83,203.83, as investors awaited the RBI Monetary Policy Committee (MPC) outcome. NTPC, Tata Steel, HDFC Bank, and Maruti were early losers, while Bajaj Finance and Kotak Bank gained
Sensex, Nifty Open in Red Ahead of RBI MPC Outcome
Mumbai: Indian stock market indices, the Nifty50 and the BSE Sensex, opened in the red on Friday morning. Investors are awaiting the outcome of the RBI's Monetary Policy Committee (MPC) meeting. The Nifty50 was at 25,594.35 at 9:17 am, down 48 points or 0.19%. The Sensex, meanwhile, opened at 83,203.83, down 110 points or 0.13%.
The indices remained in a narrow range in early trading. Analysts say investors are exercising caution and the market's direction is unclear due to the absence of any major domestic triggers. Compared to the previous day, the Sensex closed at 83,313.93 and the Nifty50 closed at 25,642.80.
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Broader indices also opened in the red. The BSE Midcap Select Index was trading 129.64 points, or 0.75%, lower in early trade, while the BSE Smallcap Select Index was down 84.24 points, or 1.09%, at 7,636.16. The main reason for this decline is said to be the wait for the RBI MPC decision.
Bajaj Finance, Kotak Bank, Trent, Bajaj Finserv, and Power Grid were up in early Sensex trading. Bajaj Finance gained 1.29%. NTPC, Tata Steel, HDFC Bank, TCS, and Maruti were in the red in early trade. NTPC declined 1.32%.
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According to analysts, intraday market momentum is weak, but if the Nifty 25,600 and Sensex 83,200 support levels are broken, the decline could accelerate. Potential support levels are 25,500-25,350 / 83,000-82,500. Immediate resistance is at 25,800 / 83,800. Crossing these levels could push the Nifty and Sensex higher to 25,900-25,925 / 84,000-84,200, respectively.
Overall, investors are cautious ahead of the RBI MPC meeting, and the market continues to fluctuate within a narrow range.
