Sensex opens 150 points lower; Nifty below 24,800; Infosys down over 1%
Benchmark stock market indices opened lower on Friday, dragged down by a fall in information technology (IT) sector shares in early trade.The S&P BSE Sensex was down by 45.58 points to 81,587.44, while the NSE Nifty50 added 24.20 points to 24,857.80 as of 9:25 am.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said that stable institutional flows- both FII and DII - are keeping the market steady even in the absence of positive triggers.advertisement
"The ongoing consolidation phase is likely to continue in the near-term. Investors should understand two distinct big trends that will weigh on markets: One, India's macros are strong and improving. Two, this positive trend in macros is not getting reflected in corporate earnings. This is the fundamental reason for the range bound movement of the market," he added.Larsen & Toubro emerged as the top performer on Sensex, surging 0.88% right from the opening bell, followed by Adani Ports and Special Economic Zone which gained 0.88%. Nestle India showed some momentum with a 0.87% advance, while Sun Pharmaceutical Industries and Bajaj Finserv rounded out the top five gainers with rises of 0.56% and 0.54% respectively.Infosys saw a decline, dropping 1.78% in opening trades. Tech Mahindra was under pressure, falling 1.16%, while HCL Technologies retreated by 0.73%. IndusInd Bank slipped 0.52%, and Mahindra & Mahindra posted a decline of 0.26%.advertisementNifty Midcap100 advanced by 0.30% while Nifty Smallcap100 posted a smaller gain of 0.19%. India VIX dropped sharply by 8.86%.Nifty Realty led the gainers with a rise of 0.29%, followed by Nifty Media climbing 0.25%, Nifty PSU Bank advancing 0.16%, Nifty Pharma gaining 0.09%, Nifty Private Bank up 0.08%, Nifty Auto rising 0.03%, and Nifty Financial Services posting a marginal gain of 0.02%.However, some sectors opened in negative territory with Nifty IT facing the steepest decline of 0.29%, while Nifty Consumer Durables slipped 0.12% and Nifty FMCG dropped marginally by 0.04%."FY25 Nifty earnings growth was a pedestrian 5.5% and the projection for FY26 is around 10%. Valuation multiple of 21 for 10% earnings growth is certainly on the higher side. This will cap the upside to the Nifty until leading indicators suggest a recovery in earnings growth," said Vijayakumar."At the same time, steadily improving macros like resilient GDP growth, down trending inflation and interest rates and declining fiscal and current account deficits lay the foundation for a strong economy and earnings recovery in the medium term. Investors should remain invested and buy quality stocks on dips," 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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