The benchmark equity indices opened Friday’s trading session gap-up. The NSE Nifty 50 opened 87.05 points or 0.37% lower at 23,224.75, while the BSE Sensex fell 288.09 points or 0.37% to open at 76,754.73.
“The correction in the market has made largecap valuations reasonable. Nifty is now trading at around 19 times the estimated FY 26 earnings. Therefore, long-term investors, who can ignore the volatility caused by FII selling, can use the dips to buy high-quality largecaps. The bounce back of this segment is only a question of time,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The GIFT Nifty indicated a lower opening for the stocks. The GIFT Nifty was down 141.50 points or 0.60% at 23,247. During the pre-open session, the Nifty 50 was down 34.70 points or 0.15% at 23,277.10 while the Sensex was up 26.37 points or 0.03% at 77,069.19.
Infosys, Axis Bank, IndusInd Bank, Trent, and Kotak Mahindra Bank were the major losers in the Nifty 50. On the other hand, Reliance Industries, Hindalco Industries, L&T, Coal India, and BPCL were the top five gainers in the NIfty 50. Infosys, Axis Bank, TCS, M&M, and HCL Tech were the significant contributors to the fall of Nifty 50.
Out of 2,351 stocks traded, 1,209 stocks were trading in the green while 1,054 declined, as per the data on NSE.
Bank Nifty opened 348.30 points or 0.71% lower to trade at 48,930.40. The Nifty Midcap 100 declined 145.35 points, or 0.27%, to open at 54,338.45.
Among the sectoral index, however, the Nifty IT was bleeding after Infosys declared its quarterly results. It was down 2.3% to quote at 42,184.05.
“The daily regime is bearish, one needs to note that the Monday lows took support at the weekly Ichimoku cloud. The next seven days represent an important time window, but bulls will really need to get past the immediate hurdle at 23471 to extend the advance. Any failure to do that and ideally take out 23820 on a daily close-basis over the next few sessions will mean that the rebound was merely the result of short-covering rather than big-money accumulation,” said Akshay Chinchalkar,
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