Indian equity indices opened Thursday’s trading session on a lower note. The NSE Nifty 50 opened 23 points or 0.09% lower at 25,034. The BSE Sensex opened 115 points or 0.14% lower at 81,600.
The Bank Nifty opened 82 points or 0.15% lower at 55,040. Similarly, the small and midcap stocks opened the day lower. The Nifty Midcap fell 13 points or 0.02% to open at 57,911.
Technically, on the intraday chart, the market is holding a lower top formation, and on the daily chart, it has formed a bearish candle, which is negative.
“We believe that the intraday market texture is weak, but fresh selling is possible only after the 25,000 level is broken. Below this, the market may decline to 24,925–24,850. Conversely, above 25,150, a pullback move may extend to 25,250,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.
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 Hindalco, Bharti Airtel, Nestle India, Dr Reddy’s Lab, and Sun Pharma. On the flip side, the key laggards in the Nifty 50 pack included Tata Motors, Maruti Suzuki, Titan, Bajaj Auto, and Bajaj Finance.
Major movers on Thursday
The stocks that were the major movers in the opening trade included HDFC Bank, ICICI Bank, Tata Motors, Reliance Industries, and Axis Bank, which were the major movers in the morning trade.