Indian equity indices opened Thursday’s trading session on a muted note, with a negative bias, breaking six day winning streak. The NSE Nifty 50 opened 16 points or 0.07% lower at 24,957. The BSE Sensex opened 55 points or 0.07% lower at 81,370.
On the same verge, Bank Nifty opened 100 points or 0.18% lower at 54,436. Defying the benchmarks, the small and midcap stocks opened the day higher. The Nifty Midcap rose 38 points or 0.07% to open at 58,037.
“The short-term outlook of the market remains positive. Additionally, after a long time, Nifty managed to close above the 50-day SMA (Simple Moving Average), which is largely a positive sign. We believe the 50-day SMA/24,920 and 24,850 levels will act as key support zones for traders. As long as the market continues to trade above these levels, the bullish trend is likely to continue,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
“A significant trend in the stock markets, for some time now, is the underperformance of India relative to other markets. While many markets like the US, Taiwan and Korea are setting new record highs, Nifty is still 4.4% below the record set in September 2024. Largely this underperformance is the correction of the overvaluation caused by sustained domestic capital inflows into the market. Now the largecaps are fairly valued, but the mid and smallcaps, particularly the latter, continue to be overvalued,” said VK Vijayakumar, Chief Investment Strategist at Geojit Investments.
“India’s resilient macros and the sweeping reforms implemented this year, particularly the GST reforms, have taken the economy to the cusp of a breakout growth. The only thaw is the Trump tariffs, which, going by the recent comments from President Trump and PM Modi, appear to be heading for a resolution,” 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), Adani Ports, NTPC, Sun Pharma, and Jio Financial Services. On the flip side, the key laggards in the Nifty 50 pack included Infosys, SBI Life Insurance, Wipro, Tech Mahindra, and Eicher Motors.
Major movers on Thursday
The stocks that remained under pressure included Eternal (Zomato), Reliance Industries, NTPC, TCS, and ITC, which were the major movers in the morning trade.