Indian equity indices opened Friday’s trading session on a marginally lower note, but started recovering in the afternoon trade. The NSE Nifty 50 opened 124 points or 0.49% lower at 25,385. The BSE Sensex opened 430 points or 0.52% lower at 82,880.
The Bank Nifty opened 202 points or 0.35% lower at 57,352. Similarly, the small and mid-cap stocks edged lower. The Nifty Midcap declined 269 points or 0.45% to open at 59,199.
“A significant feature of the present market trend is that despite the DIIs buying far more than what the FIIs are selling (Rs 5283 crore DII buying vs Rs 3263 crore FII selling yesterday), the market continues to drift down. The huge shorting by FIIs is overpowering the DII and investor buying in the market,” said VK Vijayakumar, Chief Investment Strategist at Geojit Investments.
“The success of the FII strategy of sustained selling in India and moving money to cheaper markets has emboldened them to continue the strategy and continue shorting the market. Short covering can lead to trend reversal, but there are no immediate triggers for that in sight. But markets have an uncanny ability to surprise,” added Vijayakumar.
Let’s take a look at the key factors to watch out for today’s trading session
Early gainers and laggards
In early trade, among the Nifty 50, top gainers at this hour were Eternal (Zomato), Max Healthcare Institute, Sun Pharma, Trent, and ICICI Bank. On the flip side, the key laggards in the Nifty 50 pack included Bharti Airtel, HCL Technologies, Wipro, TCS, and JSW Steel.
Major movers on Friday
The stocks that were the major movers in the opening trade included Bharti Airtel, HDFC Bank, Reliance Industries, TCS, and SBI, which were the major movers in the morning trade.