Mumbai: Indian stock markets opened lower on Friday amid reports that the United States may launch a fresh investigation into China over their 2020 trade deal.
Rising oil prices, driven by new US sanctions against Russia, also weighed on investor sentiment.
At the opening bell, the Sensex was down 113 points, or 0.13 per cent, at 84,443, while the Nifty slipped 27 points, or 0.10 per cent, to 25,866.
Commenting on Nifty’s technical outlook, analysts said, “The index continues to exhibit a sideways to bullish bias, holding firmly above key support levels at 25,700 and 25,750.”
“Immediate resistance is placed at 25,950, with further upside targets at 26,000 and 26,100. The overall trend remains bullish, provided the index sustains above 25,780 on a closing basis,” they added.
Heavyweights such as Hindustan Unilever, Kotak Bank, Axis Bank, Titan, Power Grid, ITC, NTPC, Tech Mahindra, Maruti Suzuki, and Axis Bank were among the top laggards, losing up to 3.5 per cent.
On the other hand, ICICI Bank, Tata Steel, Bharat Electronics (BEL), Mahindra & Mahindra, Bharti Airtel, HDFC Bank, and State Bank of India were trading in the green, helping limit the overall losses.
In the broader markets, buying activity continued as the Nifty MidCap index inched up 0.05 per cent, and the Nifty SmallCap index added 0.09 per cent.
Sector-wise, metal stocks were the top performers, with the Nifty Metal index rising 1 per cent, followed by modest gains in the Realty and Financial Services indices.
However, FMCG stocks faced pressure, with the Nifty FMCG index falling 1.4 per cent, making it the biggest sectoral loser of the day.
“Given the current setup of heightened volatility and mixed market signals, traders are advised to adopt a cautious “buy-on-dips” approach, especially when using leverage,” market analysts said.
Booking partial profits during rallies and maintaining tight trailing stop-losses will be key to managing risk effectively, as per the analysts.
–IANS
pk
