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Indian stock markets opened lower on Friday with the Sensex and Nifty slipping amid weak global cues and profit booking. The rupee also weakened against the US dollar. Market sentiment remained cautious as most sectoral indices traded in the red.
Markets Remain Volatile as Rupee Weakens Against Dollar
Mumbai: On Friday, the last trading day of the week, the domestic stock market opened on a weak note. In early trading, the 30-share BSE Sensex fell by 116.87 points, or 0.14 percent, to 85,291.83. The NSE Nifty 50, meanwhile, declined by 29.90 points, or 0.11 percent, to trade at 26,112.20. Global cues and profit-booking pressure weakened market sentiment.
Along with the stock market, the rupee also faced pressure. In early trading, the rupee weakened by 22 paise against the US dollar, reaching 89.93. Limited foreign capital inflows and a stronger dollar contributed to the weakness in the currency market.
Indian Stock Market turns red after flat start; Experts urge long-term focus
On Wednesday, the Nifty 50 opened flat but touched an intraday high of 26,235 in the first hour of trading. However, a correction was seen in the market after 10:30 AM. As a result, the Nifty slipped more than 100 points from its high and finally closed 35 points lower at 26,142. The NSE cash market turnover decreased by 3 percent compared to the previous day.
On the sectoral front, most sectors, including Realty and Metals, closed in the red, except for Media. Oil & Gas, Pharma, and IT stocks saw the biggest declines. This indicated that investors are currently avoiding risk and are making limited purchases in select stocks only.
In the Nifty, Trent, Shriram Finance, and Apollo Hospitals were the top-performing stocks. On the other hand, IndiGo, Adani Enterprises, and Dr. Reddy's Labs faced selling pressure and were among the major losers. The broader market witnessed a mixed trend, with the Nifty Midcap 100 index slipping 0.60 percent, while the Smallcap index closed 0.3 percent higher.
After three days of gains, market breadth appeared weak. The BSE advance-decline ratio stood at 0.79, indicating that the number of declining stocks exceeded the number of advancing stocks.
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According to Ponmudi R, CEO of Enrich Money, the Nifty 50 is currently in a consolidation phase within a larger uptrend. The index remains above the 20-day EMA of 26,073 and the psychological level of 26,000, keeping the short-term structure positive. The 26,050–26,000 level is considered a strong support zone, where a buy-on-dips strategy can be adopted.
According to experts, the immediate resistance for the Nifty is at the 26,250–26,330 level, while a strong supply zone exists between 26,385–26,500. Until the index decisively breaks above this level, the market may remain range-bound. A sustained close above 26,000 could present buying opportunities on dips.
The Bank Nifty is currently in a weak and consolidating phase. The 20-day EMA around 59,128 is acting as immediate support. A fall below 58,800 could see the index slide to 58,500, while a move above 59,500–59,600 could lead to a rally towards 60,000.
