Textile stocks trade mixed as Trump tariffs kick in. Markets remain volatile ahead of options expiry.
Indian markets slipped in early trade on Thursday, dragged by technology and pharmaceutical stocks. Every major index was trading in the red, as per NSE data. The Nifty IT index, which tracks heavyweights such as Tata Consultancy Services and Infosys, was the biggest drag on broader markets, sliding 1.32%. The Nifty Pharma index was down 0.96%.
At 10:05 a.m. IST, the Nifty 50 traded 123.6 points lower at 24,588.45, while the Sensex was down 446.26 points at 80,340.28. Broader markets also mirrored the market sentiment, with the Nifty Midcap and Smallcap indices trading 0.5% lower.
Retail sentiment for Nifty on Stocktwits remained ‘bearish’ in early trade. It was ‘neutral’ a couple of sessions earlier.
Stock In Focus
Shriram Finance (-2.6%) and Sun Pharmaceuticals (-1.5%) were among the top laggards on the Nifty50 index, continuing their declines from the previous session. BofA Securities reportedly downgraded Sun Pharma and trimmed its target price.
HCL Technologies (-2.3%), PowerGrid (-1.4%), and HDFC Bank (-1.3%) rounded off the top five drags on the benchmark Nifty.
Interglobe Aviation declined 4.3% on reports of Rakesh Gangwal’s family selling up to a 3.1% stake through block deals worth ₹7,027 crore.
Textile stocks were trading mixed after Donald Trump’s 50% tariffs on Indian goods came into effect on Wednesday. Welspun Living (-0.74%), Vardhman Textiles (-0.33%), Raymond (- 2.27%), Arvind (-0.7%), Nitin Spinners (+0.3%), Ambika Cotton (+1.12%), Kitex Garments (-5%), and Vardhman Polytex (-0.9%)
Among the stocks trading in the green, SMS Pharmaceuticals surged 6.3% after receiving a U.S. FDA Establishment Inspection Report with a “No Action Indicated” status for its Hyderabad Central Lab. The company received zero Form 483 observations.
Vishnusurya Proj & Infra shot up nearly 9% after it bagged a contract worth ₹2,217 crore for a desalination plant in Tamil Nadu.
Asian Paints (+1.66%), Hero MotoCorp (+1.36%), and Eternal (+1.20%) were the top three gainers on the Nifty 50 index.
Analysts Takes
For Nifty, immediate support is placed at 24,739, which aligns with the 20-day moving average (DMA). A sustained move below this level could lead to further weakness, said SEBI-registered analyst Pradeep Carpenter.
On the upside, resistance lies in the 24,850 – 25,000 zone, where heavy open interest and the 50 DMA are clustered. This makes the expiry session particularly crucial. If Nifty manages to hold and move above 24,850, it could trigger sharp short covering, paving the way for a swift move towards 25,000 and beyond, Carpenter added.
Nifty is placed at 24,712 with support at 24,480 and resistance at 24,920, while Bank Nifty stands at 54,450, with support at 53,800 and resistance at 55,000, as per SEBI-registered analyst Prabhat Mittal.
For Nifty, a move towards 24,640 followed by a reversal above 24,720 can provide an opportunity to create long positions for a quick scalp towards 24,780–24,820 levels, said Ashish Kyal.
However, a 15-minute close below 24,630 would signal continuation of the negative trend, with downside potential extending to 24,550.
For updates and corrections, email newsroom[at]stocktwits[dot]com<