Mumbai’s stock market kicked off Friday with a cautious tone, reflecting mixed global cues on the week’s final trading day. The BSE Sensex opened marginally lower at 82,220.48, down about 30 points, but quickly slid 364.85 points or 0.44% to 81,883.76 within minutes. Meanwhile, the NSE Nifty mirrored the sentiment, starting at 25,459.85 after a 40-point dip, and further declined 119.05 points or 0.47% to 25,377.50.
Almost all Nifty sectoral indices traded in the red, except for the IT sector which bucked the trend. The Nifty IT index climbed 0.81%, providing a rare bright spot amid the downturn. In contrast, auto, FMCG, and banking sectors suffered notable losses: Nifty Auto fell 0.84%, FMCG dropped 0.99%, and Nifty Bank shed 0.53%.
Broader markets also felt the pressure, with Nifty Midcap 100 down 0.41% and Nifty Smallcap 100 declining 0.51%. Among Sensex constituents, IT heavyweights led the gainers for the third straight session. Infosys, Trent, Tech Mahindra, Eternal, HCL Technologies, and TCS topped the list, drawing consistent buying interest.
On the flip side, losers dominated with Maruti Suzuki, HUL, Ultratech Cement, Mahindra & Mahindra, Bharti Airtel, ITC, Asian Paints, and Kotak Bank posting the sharpest declines. This divergence highlights sector-specific dynamics at play.
Technical analyst Akash Shah from Choice Broking noted the volatility from the previous session, where Nifty 50 gapped up 83 points to an intraday high of 25,572.95 but failed to hold, crashing nearly 170 points to 25,400 before a late recovery to close at 25,496.55 with a slim 14-point gain. ‘The market lacks clear direction,’ Shah observed, pinpointing 25,600-25,650 as immediate resistance and 25,300-25,350 as support. RSI at 47.11 signals neutral momentum.
Institutional flows added context: FIIs sold net Rs 3,465 crore on February 26, while DIIs continued buying for the third session, purchasing over Rs 5,000 crore. In this environment of global uncertainty, experts urge traders to stay disciplined, focusing on fundamentally strong stocks during dips. A decisive breakout above 25,800 in Nifty could signal bullish confirmation.