Stock Market Today: Sensex and Nifty Open in Red Amid Mixed Global Cues
Indian equity benchmark indices, BSE Sensex and Nifty50, began Friday’s session on a weak note. At 9:17 AM, the BSE Sensex was trading at 81,080, down 210 points or 0.26%, while the Nifty50 hovered near 24,489.45, slipping 59 points or 0.24%.
On Thursday, the domestic markets faced consistent selling pressure, ending close to the day’s low and snapping a 14-day rally in broader indices. The focus today is on inflation data, which showed a retail inflation rate of 5.48%.
Expert Insights
Siddhartha Khemka, Head of Research at Motilal Oswal Wealth Management, stated, “We expect the markets to trade within a range but with a positive bias, supported by easing retail inflation and favorable global trends.”
Ajit Mishra, SVP at Religare Broking, shared, “The consolidation phase is likely to end soon, with Nifty expected to breach the 24,800 resistance level. Banking and IT sectors are poised to lead the next rally.”
Technical Overview
The Nifty is expected to continue its sideways movement, with key support at 24,470 and resistance around 24,650-24,700. India VIX, the volatility index, eased by 0.58% to 13.19, indicating reduced market volatility.
Global and Sectoral Trends
- US markets declined as investors evaluated key economic data ahead of the Federal Reserve meeting next week.
- Weakness persisted in Asian markets, particularly in Japan and Australia.
- Banking and IT sectors in India are anticipated to drive market performance.
- Stocks in the F&O ban list include Granules, Manappuram, Metropolis, PVR Inox, RBL Bank, and Hindustan Copper.
Institutional Activity
Foreign Institutional Investors (FIIs) turned net sellers, offloading shares worth Rs 3,560 crore, while Domestic Institutional Investors (DIIs) were net buyers, purchasing shares worth Rs 2,646 crore. FIIs increased their net short position significantly, rising from Rs 47,768 crore to Rs 68,081 crore.
The markets are watching inflation data closely and awaiting cues from global developments as they gear up for the Federal Reserve’s upcoming meeting.
