Markets Open Higher but Slip into Red; IT Drags, Tata Steel Gains.
Benchmark indices opened with modest gains on Thursday but quickly gave up early momentum as IT stocks led a broad-based decline. At 9:28 AM, the BSE Sensex was down 43.60 points at 83,492.48, while the NSE Nifty50 slipped 15.90 points to 25,460.20.
Market sentiment turned cautious amid weak cues from the IT pack and lack of a strong directional trigger. Tata Motors, Infosys, and HDFC Bank were among the top drags.
“The market is unlikely to break out of the narrow range it has held for over a month,” said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“Support from global market resilience and fund inflows may hold the bottom, but a breakout beyond Nifty 25,500 needs more than just a US-India trade deal — which is partly priced in.”
Sectoral Snapshot
The IT index was the biggest loser in early trade, down 0.50%. Other laggards included Nifty Auto (-0.24%), FMCG (-0.02%), and Healthcare (-0.43%).
On the gaining side, Nifty Metal (+0.65%) led the advance, followed by Pharma (+0.33%), Financial Services (+0.23%), Realty (+0.39%), and Consumer Durables (+0.23%).
Early Gainers & Losers
Top gainers on the Nifty50 included:
Tata Steel (+0.37%)
Power Grid (+0.32%)
Bajaj Finserv (+0.51%)
Axis Bank (+0.15%)
Bajaj Finance (+0.16%)
Notable losers were:
Tata Motors (-0.92%)
Bharti Airtel (-0.58%)
Infosys (-0.47%)
Mahindra & Mahindra (-0.47%)
HDFC Bank (-0.43%)
Broader Market & Volatility
The broader market opened firm: Nifty Midcap100 rose 0.21%, and Smallcap100 climbed 0.36%. India VIX, the volatility index, edged up 1.15%, indicating a rise in near-term uncertainty.
With Q1 earnings season kicking off today, analysts expect stock-specific action to dominate. Vijayakumar noted that expectations from large-cap IT firms remain muted, though mid-cap IT players may surprise on both numbers and guidance.
He added that while banks remain well-capitalized and liquid, only those showing strong credit growth are likely to outperform. In the auto space, M&M and Eicher Motors are seen as potential standouts.
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