The Indian stock market kicked off Friday’s trading session on a cautious note, showing some initial weakness. However, the market soon found support at lower levels, preventing a major downfall. Investors and traders witnessed some sharp movements as global and sectoral trends influenced the market’s direction.
Friday Stock Market: Opening Bell
As soon as the market opened, Nifty slipped by 22 points to trade at 23,168, while Sensex dropped by 193 points, starting the session at 76,155.00. The opening weakness reflected some selling pressure, particularly in the IT sector. A significant factor contributing to the market’s initial decline was the sharp sell-off in IT stocks. Major players like TCS, HCL Tech, and Infosys saw their stock prices tumble by up to 3%. This decline came after global IT giant Accenture revised its annual revenue forecast downward, creating concerns for the Indian IT industry.
Pharma & Real Estate Sectors Provide Much-Needed Support
Despite the weak start, the market bounced back with strong buying interest in sectors like pharma and real estate. Oil & Gas and Auto stocks also witnessed good demand, pushing the market towards recovery. Additionally, PSU banks and FMCG stocks saw significant buying interest, adding further stability to the market’s performance. With these sectors showing strength, Nifty managed to cross the 23,200 mark and started trading higher. This marks the sixth consecutive day of market gains, indicating strong resilience despite initial pressure.
Top Gainers & Losers – Who’s Leading the Market
Several heavyweight stocks led the market recovery. Bajaj Finance, Sun Pharma, Nestlé India, Hero MotoCorp, ONGC, and Maruti Suzuki were among the top gainers, helping Nifty recover from early losses. On the other hand, major IT stocks like Infosys, Wipro, and TCS continued to struggle under selling pressure. Additionally, companies like Titan, HDFC Bank, and Britannia found themselves among the top losers of the day. Nifty has been on a winning streak this week, consistently moving higher. The index has now crossed the 23,250 level, bringing it closer to its 200-day Exponential Moving Average (200 DEMA). This is a crucial technical indicator if Nifty manages to break past this level, it could signal the end of the recent downtrend and the beginning of a strong uptrend.
Currently, Nifty’s immediate support level is at 23,150, meaning that as long as it stays above this mark, the overall market sentiment may remain positive. Investors will closely watch whether the index sustains these levels or faces resistance in the coming sessions. The stock market started the day on a weak note, primarily due to pressure on IT stocks. However, pharma, real estate, auto, and banking stocks stepped in to stabilize the market, leading to a strong recovery. With Nifty breaking past key levels and moving closer to its 200 DEMA, traders and investors will keenly observe whether the bullish momentum continues or if fresh resistance emerges.
Disclaimer: Stock markets are subject to fluctuations based on global trends, economic data, and investor sentiment. The information provided in this article is for informational purposes only and should not be considered financial advice.
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