Domestic benchmark indices opened slightly higher on Friday, tracking mixed global cues, with early buying interest seen in IT, PSU banks, and financial services.
By 9:34 am, the BSE Sensex was trading at 83,271.99, up 32.52 points or 0.04%, while the Nifty 50 inched up 3.45 points or 0.01% to 25,408.75.
Despite the positive start, analysts caution that Nifty’s momentum may be weakening. “Nifty opened on a firm note but failed to hold intraday support at 25,450, forming a bearish candlestick pattern on the daily chart. This could signal a trend reversal, but confirmation is needed,” said Hardik Matalia, Derivative Analyst at Choice Broking.
He added that a sustained move above 25,600 could trigger a rally toward 25,750, while on the downside, 25,222 and 25,120 could serve as key support levels and entry points for long positions.
Meanwhile, sectoral indices showed marginal movements:
- Nifty Bank rose 9.90 points or 0.02% to 56,801.85
- Nifty Midcap 100 gained 88.40 points or 0.15% at 59,771.65
- Nifty Smallcap 100 was up 24.75 points or 0.13%, trading at 19,051.80
In the Sensex pack, top gainers included Bajaj Finance, Bajaj Finserv, BEL, HDFC Bank, and Hindustan Unilever, while Trent, Tata Steel, Tech Mahindra, and Titan led the losers.
Institutional Activity:
- FIIs (Foreign Institutional Investors) continued their selling spree, offloading equities worth Rs 1,481.19 crore on July 3.
- DIIs (Domestic Institutional Investors), on the other hand, remained net buyers, investing Rs 1,333.06 crore on the same day.
Global Market Snapshot:
Asian markets opened mixed. Bangkok, Hong Kong, Tokyo, Seoul, and Jakarta were trading in the red, while China was the only major market in positive territory.
On Wall Street, US indices ended Thursday on a high note:
- Dow Jones closed at 44,828.53, up 344.11 points or 0.77%
- S&P 500 surged 51.93 points or 0.83% to 6,279.35
- Nasdaq jumped 207.97 points or 1.02% to close at 20,601.10
According to Viram Shah, CEO and Founder of Vested Finance, the rally in the US was largely driven by a stronger-than-expected jobs report. “The addition of 1,47,000 jobs and a dip in unemployment to 4.1% helped lift sentiment, pushing both the S&P 500 and Nasdaq to new record highs,” he said.
Looking Ahead:
Market participants are closely watching the upcoming Q1 corporate earnings season, which could provide key cues on the growth outlook. Analysts expect performance to vary more at the company level than across entire sectors.
