Mumbai’s bustling stock exchanges kicked off Friday’s trading session on a subdued note, mirroring tepid global sentiments. At 9:24 AM, the Sensex dipped marginally by 17 points to hover around 82,434, while the Nifty surrendered 10 points to stand at 25,444. Investors appeared cautious, with early buying interest concentrated in select sectors that provided a much-needed buffer against broader weakness.
Defense stocks and PSU banks emerged as the day’s early heroes, steadying the market’s nerves. Indices like Nifty PSU Bank, Nifty India Defence, Nifty Energy, Nifty PSE, Nifty Private Bank, and Nifty Metal posted gains, offering pockets of resilience. In stark contrast, IT, media, pharma, services, healthcare, and auto sectors faced selling pressure, dragging down their respective benchmarks.
Midcap and smallcap segments weren’t spared either, trading under pressure. The Nifty Midcap 100 index fell 47 points to 59,180, and the Nifty Smallcap 100 shed 57 points to 16,963. This divergence highlighted a risk-off mood among investors favoring larger, defensive plays.
Among Sensex constituents, L&T, BEL, NTPC, HUL, Titan, Axis Bank, Power Grid, and Adani Ports led the gainers’ pack. On the flip side, Infosys, Tech Mahindra, Interglobe Aviation, HCL Tech, Bharti Airtel, M&M, Asian Paints, and UltraTech Cement were the notable laggards, reflecting sector-specific headwinds.
Global markets painted a similarly gloomy picture, with Tokyo, Hong Kong, Jakarta, and Bangkok in the red. Seoul bucked the trend with gains, but U.S. indices had closed lower on Thursday. Experts attribute the caution to escalating tensions between the U.S. and Iran, rippling through international bourses and bolstering crude oil prices.
Brent crude climbed 0.21% to $71.81 per barrel, while WTI rose 0.24% to $66.56. This uptick in energy costs adds another layer of complexity for markets sensitive to commodity swings. Adding to the bearish tone, both foreign institutional investors (FIIs) and domestic institutional investors (DIIs) were net sellers on Thursday, offloading shares worth 880.49 crore and 596.28 crore rupees, respectively.
As the session progresses, traders will keep a close eye on geopolitical developments and oil dynamics, which could dictate the market’s trajectory. For now, defensive sectors hold the line, but sustained global pressures may test this fragile equilibrium.