Indian Equity Markets Trade Flat Amid Global Weakness
Mumbai: Indian equity benchmarks showed marginal movement on Friday, influenced by negative global cues.
As of 10:00 a.m., the Sensex stood at 75,318, down 99 points, while the Nifty was at 22,933, reflecting a decline of 34 points.
Midcap and smallcap stocks demonstrated stronger performance compared to largecaps. The Nifty Midcap 100 rose by 47 points or 0.09% to 52,464 points, while the Nifty Smallcap 100 gained 70 points or 0.42% to 16,981 points.
The India Volatility Index, India VIX, increased by 1.64% to 21.73 points.
Sector-wise, PSU Banks, Metals, Media, Commodities, Public Sector Enterprises (PSEs), and Services sectors recorded notable gains, whereas IT, Auto, FMCG, Pharma, Energy, and Infrastructure sectors showed weakness.
Among the Sensex stocks, fourteen out of thirty were trading lower. L&T, Bajaj Finserv, Wipro, Tata Steel, Tata Motors, and SBI emerged as top gainers, while M&M, Maruti Suzuki, TCS, Infosys, Sun Pharma, and JSW led the losses.
Across Asia, markets in Tokyo, Shanghai, Seoul, Bangkok, and Hong Kong experienced declines, with only Jakarta markets showing gains. In the US, Thursday’s session closed lower.
Brent crude benchmarked at $81 per barrel, while WTI crude was priced at $76 per barrel.
Market analysts attributed yesterday’s 1196-point rally in the Sensex to a significant shift in FII (Foreign Institutional Investor) activity, where substantial buying of Rs 4,671 crore replaced earlier selling trends. This sudden reversal prompted extensive short-covering and contributed to the sharp rally.
“The current rally, led by reasonably valued largecaps while broader markets adjust, appears robust. The trend favoring largecap outperformance is anticipated to persist,” experts commented.
