Indian equity markets opened on a negative note, with the Nifty index slipping below 24,800. Sectorally, it’s a mixed bag with metals, pharmaceuticals, and PSU banks seeing buying action, while FMCG and IT remain under pressure.
At 09:40 a.m. IST, the Nifty 50 traded 49 points lower at 24,786, while the Sensex was down 133 points at 80,849. Broader markets outperformed, with the Nifty Midcap index rising 0.2% and the Smallcap index gaining 0.1%.
The retail sentiment on Stocktwits for the Nifty remained ‘bearish’ at market open.
Stock Watch
Tata Motors is among the top Nifty gainers, rising 2% following its split into two separate businesses. Additionally, the UK Business Secretary has approved a £1.5B loan guarantee for JLR following the cyberattack incident in August.
V-Mart Retail surged 7%, PC Jeweller gained 4% and CSB Bank rose 3% following strong Q2 operational updates.
Sammaan Capital fell 1% on news that IHC will invest ₹8,850 crore to buy 43.5% stake in the company.
Uttkarsh SFB shares rose nearly 4% after its board approved a ₹950 crore rights issue. Waaree Energies rose 3% after its board approved major capacity expansions across its clean energy businesses, with a total capital expenditure of approximately ₹8,175 crore.
Paras Defence gained over 2% on securing an order worth ₹46.2 crore from the Ministry of Defence. And Netweb Technologies continues to soar for the third session, surging 4% in early trade.
Stock Calls
Analyst Vinayak Gautam shared three stock recommendations for Friday with a 1-week timeframe:
Hindustan Zinc: Buy at ₹481, with a target price of ₹490, and stop loss at ₹476
VMart: Buy at ₹726, with a target price of ₹739, and stop loss at ₹717
KRBL: Buy at ₹343, with a target price of ₹355, and stop loss at ₹340
Markets: The Road Ahead
From a technical standpoint, SEBI-registered analysts on Stocktwits shared the trade setup.
Varunkumar Patel noted that Foreign Institutional Investors (FIIs) offloaded ₹1,500 crore in cash. On the derivatives side, their positioning was slightly mixed, as they added fresh index shorts (indicating cautiousness regarding the near-term direction) but reduced significant net call shorts, suggesting they do not expect an aggressive downside either. This means that FIIs remain cautious but not outright bearish on Indian markets.
Patel said that as we head into the corporate earnings season, the market is expected to trade in a range-bound fashion. Volatility may stay elevated given FII positioning and earnings-driven stock-specific moves. He recommended a cautious and selective approach, focusing on quality names and defensive plays.
For Nifty, Rohit Mehta sees a strong bullish base near 24,600, with resistance at 25,000–25,200 and support at 24,700. For Bank Nifty, he sees a scope for 55,800–56,000 in the near term.
Global Cues
Globally, Asian markets traded mixed, while crude oil prices rose slightly on Friday after four straight sessions of declines but were on track for their steepest weekly decline since late June.
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