Indian equity indices opened Friday’s trading session on a muted note with a negative bias. The NSE Nifty 50 opened 14 points or 0.05% lower at 25,410. The BSE Sensex opened 61 points or 0.07% lower at 82,953.
On the same verge, Bank Nifty opened 64 points or 0.12% lower at 55,663. However, the small and midcap stocks opened the day higher. The Nifty Midcap rose 58 points or 0.10% to open at 59,132.
“The market is on an uptrend and is well-positioned to set new records soon. Fundamentals, technicals and sentiments are favourable for a steady uptrend. Fundamentally, earnings are likely to improve from Q3 onwards. Technically, the market construct is favourable for an up move since there are shorts in the system and short covering is happening and can accelerate. From the market sentiment perspective, there are reports of a US-India trade deal without the penal tariff and lower reciprocal tariff from high government officials. A combination of all these factors will keep the market resilient,” said VK Vijayakumar, Chief Investment Strategist at Geojit Investments.
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 Adani Enterprises, Adani Ports and SEZ, Hero MotoCorp, Shriram Finance, and HDFC Life Insurance. On the flip side, the key laggards in the Nifty 50 pack included Mahindra & Mahindra, Zomato (Eternal), Bajaj Auto, ICICI Bank, and Bharti Airtel.
Major movers on Friday
The stocks that were the major movers in the opening trade included Adani Enterprises, Adani Ports and SEZ, Maruti Suzuki, Infosys, and Hindustan Unilever, which were the major movers in the morning trade.