Weak global cues set a tentative tone for Indian bourses on Thursday, with major indices opening flat ahead of the pivotal Economic Survey. BSE Sensex started with a whisper of optimism, up 22.53 points (0.03%) at 82,367.21. Nifty mirrored this, nudging 2.25 points (0.01%) higher to 25,345.
Minutes into trade, sentiment soured. Nifty slid below 25,300, and Sensex erased gains to drop nearly 200 points. At the time of reporting, Sensex was trading 447 points or 0.54% lower at 81,897.36, with Nifty down 124 points or 0.49% to 25,218.35.
The sell-off rippled across sectors, with nearly all Nifty indices in negative territory. Nifty IT and Auto suffered the most, down 0.77% and 0.76%. Metals rallied strongly, while realty and O&G eked out 0.4% gains.
Broader participation came from mid and smallcaps, up 0.06% and 0.45%. All eyes are on Finance Minister Nirmala Sitharaman’s Economic Survey presentation today.
Sensex heavyweights like L&T, Tata Steel, NTPC, Power Grid, SBI, Eternal, and Axis Bank posted gains. Maruti Suzuki, Indigo, BEL, Asian Paints, HUL, and Titan dragged the index lower.
Choice Broking analyst Hitesh Tayler highlighted ongoing wariness: ‘Technicals offer limited backing; watch globals, crude, and institutional trades.’
Prior day’s strength above 25,300 stemmed from trade negotiations and global positivity. 25,200 holds as support, 25,400-25,500 as resistance. Sub-25,200 could spell trouble.
Advice for investors: Adopt selective strategies, prioritize strong fundamentals in dips, and await Nifty’s breakout over 25,700 for bullish bets.