India’s benchmark indices opened lower on Friday, weighed down by weak global cues and uncertainty ahead of the U.S. Federal Reserve’s expected rate cut next week.
The Nifty slipped by 50.35 points, or 0.21 percent, to open at 24,498.35, while the Sensex dipped by 77.51 points, or 0.10 percent, to start at 81,212.45.
Market analysts attributed the cautious sentiment to weak global signals, particularly as investors await the Fed’s rate cut decision. Despite the current dip, experts predict a potential rally in sectors like railways, defense, and industrials in the pre-budget phase.
Ajay Bagga, a banking and market expert, said: “Weak global cues are weighing on Indian markets today. The frequent stimulus announcements from China have had underwhelming real impact, leading to little optimism. Indian markets remain range-bound, consolidating until the Fed rate cut event is behind us. After that, we expect a pre-Budget rally, with Railways, Defense, Industrials, IT, and Financials likely to be strong performers heading into year-end.”
Among sectoral indices, all major sectors declined, except for Nifty Oil & Gas and Nifty Realty, which posted gains during the opening session.
In the Nifty 50, 14 stocks gained while 36 declined. Top gainers included Eicher Motors, BPCL, Adani Enterprises, Nestlé India, and ICICI Bank, while Tata Steel, JSW Steel, and Hindalco were the biggest laggards.
Akshay Chinchalkar, Head of Research at Axis Securities, said: “The index is now sitting inside the 50- and the 100-day averages, with the former expected to offer support around 24430, a level that sits inside critical support that spans the 24360 and 24445 zone. Immediate support lies at 24500, which bulls will need to protect at least on a closing basis.”
In broader Asian markets, Japan’s Nikkei 225 index fell by 1.24 percent, Hong Kong’s Hang Seng dropped 1.46 percent, Taiwan’s Weighted Index inched up by 0.18 percent, while South Korea’s market remained in positive territory.
(With ANI input)
