Weak global cues set a cautious tone for Indian equities on Friday, resulting in a flat opening for Sensex and Nifty. By 9:24 AM, Sensex was marginally lower by 17 points at 82,434, with Nifty off 10 points to 25,444. While broader indices struggled, defense stocks and PSU banks took charge, preventing deeper losses.
Gainers in the sectoral fray were Nifty PSU Bank, India Defence, Energy, PSE, Private Bank, and Metal, reflecting investor preference for stability. Sectors like IT, media, pharma, services, healthcare, and auto lagged, contributing to the uneven start.
Mid and smallcaps extended the weakness, with Nifty Midcap 100 down 47 points at 59,180 and Nifty Smallcap 100 falling 57 points to 16,963. This pattern signals a flight to quality amid heightened uncertainties.
In the Sensex, L&T, BEL, NTPC, HUL, Titan, Axis Bank, Power Grid, and Adani Ports topped the charts as gainers. Tech-heavy losers included Infosys, Tech Mahindra, HCL Tech, with others like Interglobe Aviation, Bharti Airtel, M&M, Asian Paints, and UltraTech Cement also declining.
Global peers were downbeat: Tokyo, Hong Kong, Jakarta, Bangkok in red; Seoul green. U.S. markets closed lower Thursday. Rising U.S.-Iran tensions are blamed, driving safe-haven demand and crude oil strength—Brent up 0.21% to $71.81/barrel, WTI +0.24% to $66.56.
FIIs sold net 880.49 crore, DIIs 596.28 crore Thursday. As tensions simmer, oil’s rally could pressure inflation outlooks, influencing RBI moves. Defense sector’s robustness offers optimism, but sustained global storms may challenge the bulls’ hold.