Mumbai’s bustling stock market kicked off Friday’s trading session in negative territory, dragged down by escalating tensions in West Asia and feeble global cues. The BSE Sensex, comprising 30 blue-chip stocks, opened at 79,658.99, marking a sharp decline of 356.91 points or 0.45% from its previous close of 80,015.90. Meanwhile, the NSE Nifty started the day at 24,656.40, down 109.50 points or 0.44% from 24,765.90.
By around 9:30 AM, the Sensex had slipped further to 79,699.81, shedding 316.09 points or 0.40%, while the Nifty traded at 24,679.30, off by 86.60 points or 0.35%. Despite the frontline indices’ downturn, broader market segments showed resilience. The Nifty Midcap 100 index climbed 0.48%, and the Nifty Smallcap 100 rose 0.64% in early trade.
Sector-wise performance was mixed, with the Nifty IT index leading the gains at 1.23%. In contrast, Nifty Auto fell 0.60%, Nifty FMCG dipped marginally by 0.02%, and Nifty Bank declined 0.85%. This comes after Thursday’s robust recovery, where the market snapped a four-day losing streak. The Sensex had surged 899.71 points or 1.14% to close at 80,015.90, and Nifty gained 285.40 points or 1.17% to end at 24,765.90.
Technical analyst Akash Shah from Choice Broking highlighted key levels: Nifty’s support zone lies between 24,550 and 24,500, with 24,850 acting as immediate resistance. The Relative Strength Index (RSI) at 37.55 suggests gradual improvement from oversold territory, hinting at potential stabilization.
Investor flows painted a contrasting picture. Foreign Institutional Investors (FIIs) continued their fifth straight session of selling, offloading shares worth approximately Rs 3,752 crore. Domestic Institutional Investors (DIIs), however, provided a buffer by purchasing over Rs 5,000 crore for the seventh consecutive day.
Amid global uncertainties and rising volatility, experts urge caution. Shah advises focusing on stocks with strong fundamentals during dips. Fresh buying strategies should wait for a decisive breakout above 25,000 on the Nifty, which could signal a sustained bullish trend and restore market confidence.