Domestic equity indices opened on a muted note on Friday, little changed, amid the indecisive cues from the global peers. Indian headline peers seesawed between positive and negative zones as the traders reacted to select bluechips amid the busy earnings season.
However, US stocks settled lower during the over night trade amid renewed concerns of aggresive rate hikes by the US Fed. On the contrary, net buying from the global investors to the tune of Rs 400 crore in the previous session may provide some respite to the local investors.
At 9.25, the 30-share pack BSE Sensex rose 19.44 points, or 0.03 per cent, to 60,877.87, whereas NSE's Nifty50 shed 4.70 points, or 0.03 per cent, to trade at 18,103.15. In the broader markets, BSE midcap index was marginally lower, whereas smallcap index rose 0.2 per cent. India's fear gauge eased slightly to 13.92-level.
Nifty50 failed to continue its prior daily rising trend and formed a bearish harami cross pattern. If the index moves down following the pattern, this confirms the bearish reversal. Despite a subdued action, the index remained above its short-term moving averages for straight second trading session, said Reliance Securities.
"Overall market breadth was negative and mixed trend witnessed across the sectors. Support is placed at around 18,063 and then at 18,017 levels, while resistance is observed at 18,154 and then at 18,200 levels," it said.
On a sectoral front, Nifty FMCG index dropped over a per cent, followed by pharma index. Autos, metals and realty were also trading in red. Among the gainers, Banking and financial indices supported the markets, followed by media, power and capital goods stocks.
On the Nifty50 index, Sun Pharma topped among the losers with a 2 per cent decline. HUL and Asian Paints also fell 2 per cent each after Q3 earnings. Reliance Industries was also trading lower ahead of its Q3 earnings. Titan, Nestle, UPL and Hero Motocorp shed a per cent each.
Among the gainers, Power Grid and Tata Motors rose a per cent each. State Bank of India, Adani Ports, HDFC Bank, ICICI Bank, NTPC and HDFC were also trading firms.
Large Q3 results from the likes of RIL, ICICI Bank and Kotak have to be closely watched for indications. The strength of HDFC twins and the weakness of ICICI Bank indicate some churn within financials, said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"Data on capex, credit growth and manufacturing and services PMI indicate that the growth rebound in the economy is robust. Capital goods segment has the potential to outperform this year," he said.
In the broader markets, Sterling tools rose 9 per cent, whereas Fiem Industries, Xelmoc Design and Tech, Hariom Pipes and Happies Minds gained 5 per cent each. Midcap IT player Coforge rose 4 per cent after strong Q3 earnings and guidance from the management.
On the contrary, Hindustan Zinc tanked 6 per cent after poor show in December 2022 quarter. Nureca continued to bleed another 5 per cent, hitting a new 52-week low. Mphasis and Havells India were also down 4 per cent after Q3 performance.
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