Mumbai (Maharashtra) [India]: The benchmark stock indices Sensex and Nifty started on a negative note on Friday with a dip in the red zone.
The Sensex opened 176.76 points down, initiating the day’s trade at 64,655.44. Similarly, the Nifty opened 45.85 points down, starting at 19,352.10.
Within the Nifty companies, there was a trend towards more declines than advances. The advances counted at 8, while the declines stood at 42.
Notable gainers among the Nifty companies included ONGC, Power Grid, Adani Enterprises, HDFC Life, and Apollo Hospital. Conversely, top companies that observed a dip included Dr Reddy, M&M, Titan, Hero Motocorp, and Eicher Motors.
Varun Aggarwal, founder and managing director, Profit Idea, said, ‘The market opened on a slightly negative note. Nifty is expected to face resistance at 19463-19767. We remain positively biased on the Indian economy for the medium term. Short-term support on Nifty lies at 18837 and major support lies at 18468-18134’.
The market is anticipated to open on a slightly negative note, where the Nifty is projected to confront resistance at the range between 19,463 and 19,767.
Analysts and market experts maintain a positive outlook on the Indian economy for the medium term. For the short term, the support levels for Nifty are expected at 18,837, with major support situated at the range of 18,468 to 18,134.
The market’s opening and current status reflect an apprehensive start but also point towards potential stabilizations and further movements throughout the trading day.