Sensex opens 228 points higher, Nifty above 24,800; Nestle gains 1%

Benchmark stock market indices opened higher on Friday, possibly due to buying from investors, amid rising tensions between Israel and Iran, leading to cautious sentiment on Dalal Street.The S&P BSE Sensex was up 160.43 points to 81,522.30, while the NSE Nifty50 gained 36.45 points to 24,829.70 as of 9:23 am.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said that Nifty which has been trading within the 24500-25000 range for about a month now is likely to remain within this range in the near-term."The upper side of the range will be broken only on news of deescalation of the Israel-Iran conflict or an abrupt end to the war. There is uncertainty on this. The lower side of the range is unlikely to break since big buying, particularly by domestic institutions, will emerge on dips. If the war lingers and crude rises beyond $85 the lower band of the range will be broken," he added.advertisementMahindra & Mahindra led the early gainers with a 1.01% jump, followed by Bharti Airtel up 0.71%, Eternal up 0.70%, UltraTech Cement gaining 0.61%, and HDFC Bank rising 0.57%.
On the losing side, IndusInd Bank dropped 0.90%, Bajaj Finance fell 0.49%, Tech Mahindra declined 0.37%, Kotak Mahindra Bank was down 0.21%, and Tata Motors slipped 0.10%.The broader market indices opened with mixed signals as Nifty Midcap 50 gained 0.04%, Nifty Midcap 100 rose 0.05%, while Nifty Smallcap fell 0.10% and India VIX dropped 4.15%.Among sectoral indices, several posted gains including Nifty PSU Bank up 0.63%, Nifty Realty rising 0.41%, Nifty Financial Services gaining 0.33%, Nifty Healthcare adding 0.21%, Nifty Pharma up 0.12%, Nifty Auto rising 0.11%, Nifty Private Bank gaining 0.06%, Nifty Metal adding 0.04%, and Nifty FMCG advancing 0.01%.advertisementHowever, some sectors opened in the red. Nifty Media declined 0.66%, Nifty Consumer Durables fell 0.38%, Nifty Oil & Gas dropped 0.14%, and Nifty IT slipped 0.12%."A distinct feature of the market trend visible in yesterday's trade was the weakness in the broader market. While Nifty remained almost flat, SMIDs cracked with the smallcap index correcting sharply by 2%," said Vijayakumar."This trend of weakness in the broader market is likely to continue since they are excessively valued and the ongoing risk-off can lead to further selling in this segment. Money may move from the over-valued SMIDs to the fairly valued, safe largecaps in financials, industrials, autos and real estate," he added.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)Must Watch

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