Indian equity indices opened Friday’s trading session on a lower note. The NSE Nifty 50 opened 8 points or 0.03% lower at 24,829. The BSE Sensex opened 58 points or 0.07% lower at 80,925.
The Bank Nifty opened 22 points or 0.04% higher at 55,370. However, the small and midcap stocks outperformed to open the day higher. The Nifty Midcap rose 150 points or 0.26% to open at 57,179.
Tata Group stocks have been in the spotlight too. Tata Steel and Tata Motors both opened with sharp gains. Tata Motors however gave up gains soon after. The stock is flat at the moment. (10:45 am).
“The positive impact of the central bank’s bold initiatives to boost credit growth in the economy has the potential to sustain the momentum in the market, particularly in Bank Nifty. But this momentum is unlikely to sustain in the context of the sustained FII selling in the market. FIIs are likely to further accelerate selling since the market construct provides them the opportunity to sell aggressively. The huge short position in the market indicates that the bulls will be on the defensive. Aggressive DII buying can provide some support to the market, particularly in largecap auto stocks, which have strong fundamental support now,” 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 Tata Steel, Tata Motors, Axis Bank, JSW Steel, and Dr Reddy’s Lab. On the flip side, the key laggards in the Nifty 50 pack included Eicher Motors, Max Health Insurance, HDFC Bank, Zomato (Eternal), and Wipro.
Major movers on Friday
The stocks that were the major movers in the opening trade included Axis Bank, Tata Steel, Kotak Mahindra Bank, Larsen & Toubro, and SBI, which were the major movers in the morning trade.
