Mumbai: The domestic benchmark indices opened marginally higher on Friday amid mixed global cues, as buying was seen in the IT, PSU bank and financial service sectors in the early trade.
At around 9.34 am, Sensex was trading 32.52 points or 0.04 per cent up at 83,271.99 while the Nifty added 3.45 points or 0.01 per cent at 25,408.75.
According to analysts, Nifty 50 opened on a positive note but failed to sustain momentum, breaching its intraday support at 25,450 and forming a bearish candlestick pattern on the daily chart.
“This development may signal a potential trend reversal; however, further confirmation is awaited. A sustained move above 25,600 could pave the way for a rally toward 25,750,” said Hardik Matalia, Derivative Analyst of Choice Broking.
On the downside, immediate support is seen at 25,222 and 25,120, which could act as potential entry levels for long positions, he added.
Nifty Bank was up 9.90 points or 0.02 per cent at 56,801.85 in early trade.
The Nifty Midcap 100 index was trading at 59,771.65 after adding 88.40 points or 0.15 per cent. Nifty Smallcap 100 index was at 19,051.80 after adding 24.75 points or 0.13 per cent.
Analysts said that investors should watch for possible changes in the earnings growth trajectory, the indications of which will be available in the Q1 results, which will start coming soon. Outperformances in results are likely to be company-specific rather than sector-specific.
Meanwhile, in the Sensex pack, Bajaj Finance, Bajaj Finserv, BEL, HDFC Bank and Hindustan Unilever Limited were the top gainers. Whereas, Trent, Tata Steel, Tech Mahindra and Titan were the top losers.
On the institutional front, Foreign Institutional Investors (FIIs) extended their selling streak for the fourth consecutive day, offloading equities worth Rs 1,481.19 crore on July 3. In contrast, Domestic Institutional Investors (DIIs) continued their buying activity, purchasing equities worth Rs 1,333.06 crore on the same day.
In the Asian markets, Bangkok, Hong Kong , Japan, Seoul and Jakarta were trading in red, whereas only China was trading in green.
In the last trading session, Dow Jones in the US closed at 44,828.53, up 344.11 points, or 0.77 per cent. The S&P 500 ended with a gain of 51.93 points, or 0.83 per cent at 6,279.35 and the Nasdaq closed at 20,601.10, up 207.97 points, or 1.02 per cent.
Viram Shah, Founder and CEO of Vested Finance, said the US markets closed sharply higher on Thursday, but it’s a mixed bag. A stronger-than-expected jobs report (1,47,000 jobs added) and unemployment dipping to 4.1 per cent, helped push the S&P 500 and Nasdaq to record highs.
(IANS)
