Markets See Turmoil, Sensex Opens Under 82,950, Nifty Marginally Down
In the pre-open session, the Sensex tanked close to 400 points and stood at 82,638.46, while the Nifty fell nearly 200 points to reach 25,237, around 9 AM.
Indian markets gave signals of breaking this week’s rally on Friday. The BSE Sensex started trading below 82,950, falling 72 points, while the NSE Nifty50 opened the session almost flat at 25,404, declining 20 points.
On the 30-share Sensex, Adani Ports, HUL, Maruti, NTPC, and Asian Paints emerged among the gainers. Meanwhile, the laggards included M&M, Eternal, Bharti Airtel, ICICI Bank, and HCL Tech.
In the broader markets, the Nifty Next50 led across the board and rose 0.41 per cent. On the other hand, the Nifty Financial Services bled 0.27 per cent. Sectorally, the Pharma index stood out after it climbed 0.34 per cent while, the IT index slipped 0.35 per cent.
The GIFT Nifty indicated a muted day ahead as it clocked a loss of 44 points around 7:37 AM and slipped below 25,500. In the pre-open session, the Sensex tanked close to 400 points and stood at 82,638.46, while the Nifty fell nearly 200 points to reach 25,237, around 9 AM.
"Market is on an uptrend and is well positioned to set new records soon. Fundamentals, technicals and sentiments are favourable for a steady uptrend. Earnings are likely to improve from Q3 onwards. Technically, short covering is happening and can accelerate," said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
How Did Markets Fare Yesterday?
Notably, in the previous trading session, the domestic markets rallied ahead for the third consecutive session, with the Sensex closing above the 83,000 mark after the US Federal Reserve delivered a widely anticipated rate cut and signalled scope for further easing this year. The Nifty gained 93.35 points, or 0.37 per cent, to end at 25,423.60.
Market sentiment was buoyed after the Fed lowered its benchmark rate by 25 basis points and indicated the possibility of two more cuts in 2025. Analysts said the move bolstered risk appetite globally, supporting equities in India.
“The Fed’s 25 bps cut and its guidance for further easing lifted sentiment. IT and pharma outperformed on expectations of higher spending and stronger export prospects. Although a firm dollar index and elevated valuations triggered some profit booking, strength in private banks and midcaps helped sustain the momentum,” said Vinod Nair, Head of Research, Geojit Investments Limited.
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