Mumbai, July 7. The Indian stock market opened Friday’s trading session on a weak note. Major indices traded in the red in early trade due to selling pressure in financial stocks. However, mid-cap and small-cap stocks traded mixed. At 9:28 am, the BSE Sensex was trading at 78,686, down 267 points (0.34%). The NSE Nifty slipped 34 points (0.14%) to 24,603.
Financial stocks under the most pressure
Nifty Financial Services was under the most pressure in early trade. The Nifty Private Bank, Media, PSU Bank, Services, Commodities, Pharma, and Infra indices also witnessed weakness. On the other hand, some buying was seen in the Nifty IT, Auto, Realty, FMCG, Energy, India Defence, and Oil & Gas indices.
These stocks rose and fell
Among the 30 Sensex stocks, TCS, Tech Mahindra, HCL Tech, Infosys, Mahindra & Mahindra, NTPC, BEL, Sun Pharma, SBI, L&T, Power Grid, Titan, and ITC were among the gainers. Bajaj Finance, Bajaj Finserv, Trent, ICICI Bank, Bharti Airtel, Eternal, and UltraTech Cement saw declines.
Mixed Trend in Midcap and Smallcap Markets
The broader market traded mixed. The Nifty Midcap 100 gained around 122 points (0.19%) to 63,446, while the Nifty Smallcap 100 declined 38 points (0.19%) to trade at 19,839.
Experts’ Opinion
Market experts say that the market is gradually returning to stability and a strong breakout is possible in the coming days. According to them, the first quarter results provided three key signals:
Most companies in the financial, auto, pharmaceutical, and telecom sectors reported double-digit revenue and profit growth, supporting these stocks.
The IT sector remains under pressure due to slow growth and the impact of artificial intelligence (AI).
Commodity companies like metals and oil performed mixed.
Asian and US Markets
Asian markets also witnessed a mixed trend. Markets in Tokyo, Bangkok, and Seoul declined, while Shanghai, Hong Kong, and Jakarta recorded gains. Meanwhile, US markets also closed with weakness on Thursday. The Dow Jones closed down 0.85 percent and the Nasdaq fell 0.06 percent.
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