The markets are trading flat amidst choppy session. The Nifty has now slipped almost 300 points from intra-day highs and the Benchmark is currently around 24,300. The Sensex is trading above 80,000 but significantly below the 80,700 mark it hit in early trade today.

The NSE Nifty 50 opened 21 points, or 0.09%, lower at 24,313, but soon rose 160 points or 0.66%, to trade at 24,501. The BSE Sensex opened 60 points, or 0.07%, higher at 80,302 while it also soon surged over 800 points or 1.04%, to 81,100.

Bank Nifty opened 450 points or 0.85% higher at 55,555.55. The Nifty Midcap 100 advanced 90 points, or 0.21%, to open at 54,238.85. 

Key losers on Nifty 50

JSW Steel is down nearly 6% on the back of the Supreme Court ruling that rejected its resolution plan for Bhushan Powe and Steel. That apart Bajaj Auto, Eicher Motor, Nestle India and Cipla see 2-3% decline each. NTPC is also under pressure.

“The Nifty ended flat in the previous session, but not before a last-minute sell-off was bought into aggressively. That saw the candle trace a long lower shadow, proving that 24,200 is vital near-term support. Resistance will continue to be offered between here and 24,500, with a break bringing 24,800 into focus,” said Akshay Chinchalkar, Head of Research at Axis Securities.

Top gainers on Nifty 50

The top gainers in the Nifty 50 were Adani Ports, Maruti Suzuki, Axis Bank, Hindalco, and Trent as soon as markets opened.

Markets watchful of Indo-Pak relations

Markets are watching the key developments between India and Pakistan in the backdrop of the Pahalgam terror attack. Prime Minister Modi convened multiple high-level cabinet meetings on Wednesday. He has granted the Indian Armed Forces an open hand to counter any future threats.

Asian markets on mixed note

Also, Asian markets kicked off the day on a mixed note. Japan’s Nikkei 225 rose nearly 1% and the broader Topix was trading in the green. Australia’s ASX 200 slipped a bit in early hours’ trade, and South Korea’s Kospi was down 0.5%, with the smaller Kosdaq staying flat.

Crude oil prices in focus

Apart from that, crude oil prices rose on Friday morning, with both global benchmarks posting modest gains. The WTI crude oil (West Texas Intermediate) surged 0.54% to $59.58 per barrel, while Brent crude was up 0.55%, trading at $62.47.