The S&P BSE Sensex opened lower on Friday, down 208.31 points at 80,775.00, while the NSE Nifty50 slipped 75 points to 24,760.80 as markets resumed after a holiday. The decline was primarily led by FMCG and auto stocks.
Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said the central bank’s credit-boosting initiatives could sustain momentum in the market, especially in Bank Nifty, but ongoing FII selling is likely to keep bulls on the defensive.
Top gainers in early trade included:
-
Tata Motors: +5.54%
-
Kotak Mahindra Bank: +3.45%
-
Trent: +3.31%
-
Sun Pharma: +2.58%
-
Axis Bank: +2.43%
Top losers were:
-
Bajaj Finance: -1.10%
-
State Bank of India: -0.97%
-
UltraTech Cement: -0.86%
-
Tata Steel: -0.71%
-
Asian Paints: -0.62%
Sectoral performance:
-
Gainers: Nifty Metal (+0.76%), Nifty Pharma (+0.28%), Nifty PSU Bank (+0.28%), Nifty Private Bank (+0.25%), Nifty Consumer Durables (+0.22%)
-
Losers: Nifty Media (-0.71%), Nifty Financial Services (-0.40%), Nifty Auto (-0.38%), Nifty FMCG (-0.22%)
Dr. Vijayakumar noted that DII buying could support large-cap auto and banking stocks. Strong banks are expected to benefit from higher credit growth and lower deposit insurance premiums, while auto stocks remain resilient due to large orders and increased sales.
Disclaimer: Views expressed are of experts/brokerages and do not reflect AIS. Consult a financial advisor before investing.
Conversation
Be kind and stay on topic. Comments are moderated; abuse, spam and personal attacks are removed. Report a problem