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The stock market commenced trading on Friday with a flat sentiment, but soon slipped into the red zone, tracking weak global cues.
The benchmark indices, Sensex and Nifty, witnessed a downward trend at the opening bell, influenced by international market trends. The Sensex opened 247.70 points down at 72,956.54, while the Nifty began trading 68.95 points lower at 22,102.95. Among the Nifty companies, 14 advanced while 36 declined in early trading. Notable gainers included Power Grid, NTPC, UPL, ONGC, and Tata Motors. Conversely, BPCL, Infosys, M&M, Hrasim, and LTIMindtree were among the top losers. Varun Aggarwal, founder and managing director, Profit Idea said, "Despite the bearish trend witnessed in the previous session, the Nifty 50's chart displayed a positive candle at the opening, hinting at a potential pullback rally." He added, "Analysts anticipate the index to encounter resistance levels at 22,175 and 22,450, with support levels holding at 21,860. The option open interest (OI) data indicated significant OI at 22,400 and 22,500 strike prices on the call side, while the put side saw the highest OI at 22,000 strike price." Asian equities opened lower in response to declines on Wall Street, spurred by new data tempering expectations for immediate Federal Reserve interest rate cuts. However, Chinese shares remained relatively stable as the central bank maintained its key policy rate, while Japan's benchmark index edged higher ahead of wage results. In the US markets, slight declines were observed, with futures indicating stability in Asian trading. Treasuries stabilized after a sell-off, triggered by higher-than-expected producer price index data, reflecting the Federal Reserve's continued efforts to curb inflation. Oil prices remained near a four-month high, supported by the International Energy Agency's forecast of a supply deficit through 2024, contingent upon OPEC's adherence to production cuts. The Indian stock market opened with a flat sentiment but soon succumbed to downward pressure, mirroring weak global cues. While specific stocks showed varied movements, the overall market sentiment remains cautious amid global economic uncertainties and central bank policies. Investors are keenly observing technical indicators and global market developments for further cues on market direction throughout the trading session. (ANI)
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