The Indian stock market commenced trading on Friday with a subdued and cautious tone, as both major benchmarks, the Nifty50 and the BSE Sensex, opened nearly flat. This initial hesitancy reflected a wait-and-watch approach among investors at the start of the trading session.
Indices Slip into Negative Territory
However, as the day progressed, the market sentiment turned bearish, with both indices slipping into the red. By the early afternoon, around 1:00 PM, the Nifty50 was hovering near the 25,200 mark, specifically trading at 25,190.75. This represented a decline of 99 points or 0.39% from the previous close.
Similarly, the BSE Sensex experienced a more pronounced drop, trimming over 300 points. It stood at 81,965.41, which was lower by 341 points or 0.42%. This downward movement indicated growing selling pressure across several key sectors.
Top Gainers and Losers on Nifty50
Amidst the broader market decline, certain stocks managed to buck the trend and post gains. On the Nifty50, the top performers around 1:00 PM included:
- Dr. Reddy's Laboratories — up by 2.52%
- Asian Paints — gaining 2.15%
- Hindustan Unilever (HUL) — rising 1.55%
- Tata Consultancy Services (TCS) — increasing 1.08%
- Tech Mahindra — up by 1.02%
Conversely, several stocks faced significant selling pressure, leading the losers' list:
- Adani Enterprises — down by 5.16%
- Eternal — declining 4.87%
- Adani Ports and Special Economic Zone — falling 4.06%
- InterGlobe Aviation — dropping 3.98%
- Jio Financial Services — decreasing 2.80%
Sensex Performance Highlights
On the BSE Sensex, the gainers were led by similar stocks, with Asian Paints topping the list with a 2.15% increase, followed by HUL at 1.53% and TCS at 1.07%. Among the losers, Eternal saw a sharp decline of 4.87%, while Adani Ports fell by 4.16% and InterGlobe Aviation dropped 4.04%.
Broader Market Context
In contrast to the domestic market's weakness, Asian markets generally carried forward a positive tone on Friday. This optimism was aided by encouraging economic data from the United States and a perceived easing of geopolitical tensions, which provided some support to regional equities.
In the currency space, the US dollar was headed for its steepest weekly decline in a year. This movement was triggered by remarks from former President Donald Trump regarding Greenland and subsequent quick policy reversals, which unsettled global investors and contributed to dollar weakness.
Institutional Activity
On the domestic institutional front, data from Thursday showed mixed activity. Foreign portfolio investors (FPIs) were net sellers of Indian equities, offloading shares worth Rs 2,549 crore. However, domestic institutional investors (DIIs) provided counterbalancing support, making net purchases of Rs 4,223 crore, which helped cushion the market to some extent.
The day's trading highlighted the ongoing volatility and selective stock movements within the Indian equity markets, as investors navigated domestic cues alongside global developments.
