Indian equity indices opened Friday’s trading session on a muted note, with a negative bias a day after hitting a new intra-day all-time high. The NSE Nifty 50 opened 25 points or 0.10% lower at 26,190. The BSE Sensex opened 72 points or 0.08% lower at 85,648.
The Bank Nifty opened 118 points or 0.20% lower at 59,619. Similarly, the small and mid-cap stocks were in line with benchmarks. The Nifty Midcap opened 27 points or 0.04% lower at 61,086.
“Even though Sensex and Nifty touched new highs yesterday, the Nifty Smallcap Index is around 9 % below its peak. This huge underperformance is primarily due to the poor earnings growth and high valuations of this segment. Smallcaps, in general, are likely to continue underperforming, in the short- to medium-term,” 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 Bharti Airtel, M&M, Wipro, Bajaj Finserv, and SBI. On the flip side, the key laggards in the Nifty 50 pack included JSW Steel, Eicher Motors, Max Healthcare Institute, HDFC Bank, and Nestle India.
Major movers on Friday
The stocks that were the major movers in the opening trade included M&M, ICICI Bank, Reliance Industries, Bharti Airtel, and SBI, which were the major movers in the morning trade.
