Indian equity indices opened Friday’s trading session on a flat note. The NSE Nifty 50 opened 6 points, or 0.02%, higher at 24,840, while the BSE Sensex opened 12 points, or 0.01%, lower at 81,621.
Bank Nifty opened 91 points or 0.16% higher at 55,638. However, the midcap stocks outperformed the key indices as soon as they opened the trade. The Nifty Midcap 100 advanced 238 points, or 0.41%, to open at 57,695.
“The Nifty posted a smart recovery in the final minutes of trading yesterday after spending most of the first half in the red. Although the Nifty is still caught in a sideways market defined by the 24,462 and 25,116 range, yesterday’s rebound traced a long lower shadow and a small real body that was closer to the day’s high, and that’s a bullish sign. Immediate support and resistance lie at 24,677 and 25,000, respectively,” said Akshay Chinchalkar, Head of Research at Axis Securities.
Here are key highlights from the early session-
Top performers leading the charge
Among the top gainers on the Nifty 50 were Zomato, Bajaj Finserv, Jio Financial Services, Coal India, and Reliance Industries. The top movers in the Nifty 50 were Reliance Industries, HDFC Bank, L&T, Zomato, and ICICI Bank as soon as markets opened.
Stocks in the red
The stocks that remained under pressure included Bajaj Auto, Hindalco, Tech Mahindra, IndusInd Bank, and M&M, which were the laggards in the morning trade.
All eyes on Q4 earnings
Investors are closely tracking a string of quarterly results scheduled for today. Major names like Apollo Hospitals Enterprise, AstraZeneca Pharma India, FSN E-Commerce Ventures (Nykaa), IVRCL, PNC Infratech, Jindal Poly Films, Swan Energy, SML Isuzu, and Vivimed Labs will announce their quarterly earnings scorecard on May 30.