Indian benchmark equity indices traded lower on Friday, as strong institutional inflows and optimism over domestic economic growth were offset by cautious trading ahead of the GDP data release later in the day.
At 10:40 am, the BSE Sensex was down 313 points, or 0.38%, at 81,319, while the Nifty50 slipped 98 points, or 0.40%, to 24,735.
Foreign portfolio investors (FPIs) bought Indian equities worth Rs 884 crore ($103.5 million) on Thursday, marking their fifth straight session of net inflows.
With $2.6 billion in net foreign inflows so far in May, FPI buying is on track to log its highest monthly total since September 2024, when benchmark indices hit record highs.
Among Sensex stocks, Adani Ports, Nestle India, L&T, Sun Pharma, and Bajaj Finserv opened higher, while Infosys, Tech Mahindra, HCL Tech, and IndusInd Bank saw early declines.
Among individual stocks, Ola Electric Mobility slumped 9.7% after the electric two-wheeler maker reported a sharp rise in March quarter losses, with net loss widening to Rs 870 crore from Rs 416 crore a year earlier.
Also read: Suzlon Energy shares soar 13% after Q4 profit surges 365% YoY to Rs 1,182 crore
Shares of real estate firm Sobha jumped 6.7% after the company posted a nearly six-fold rise in consolidated net profit to Rs 40.85 crore for Q4 FY25.
On the sectoral front, Nifty IT dropped over 1%, while Metal slipped 0.5%. In contrast, Nifty Bank, Financial Services, Realty, and Oil & Gas indices opened higher.
Experts View
"Stable institutional flows- both FII and DII - are keeping the market steady even in the absence of positive triggers. The ongoing consolidation phase is likely to continue in the near term. Investors should understand two distinct big trends that will weigh on markets: One, India’s macros are strong and improving. Two, this positive trend in macros is not getting reflected in corporate earnings. This is the fundamental reason for the range-bound movement of the market," said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments.
Hardik Matalia, Derivative analyst at Choice Broking, said, After a flat opening, Nifty can find support at 24,800, followed by 24,700 and 24,500. On the higher side, 24,900 can be an immediate resistance, followed by 25,000 and 25,100."
Global Markets
Stocks slipped in Asia on Friday, and the U.S. dollar dropped with Treasury yields as investors digested an appeals court decision to keep President Donald Trump's tariffs in effect, a day after markets rallied on a separate ruling blocking most of them.
Japan's Nikkei saw the most pronounced selling, after experiencing the most pronounced buying on Thursday, with moves in the exporter-heavy index exacerbated by the ebb and flow in demand for the safe-haven yen.
The Nikkei dropped 1.7% in the Asian morning, putting it basically back at Wednesday's closing level. Hong Kong's Hang Seng sank 1.4% and mainland China's blue chip index eased 0.3% in early trading.
U.S. S&P 500 futures retreated 0.2%. Pan-European STOXX 50 futures edged 0.1% lower.
Also read: Bajaj Auto shares slip over 2% after Q4 profit drops 10% YoY to Rs 1,802 crore
FII/DII Tracker
Foreign Institutional Investors (FIIs) net bought equities worth Rs 884 crore on May 29, while Domestic Institutional Investors (DIIs) purchased Rs 4,286 crore.
Crude Oil
Oil prices were on track to end the week down more than 1% on Friday amid whipsawing tariff rulings in the U.S. and as the market braced for a potential OPEC+ output hike.
Brent crude futures slipped 26 cents, or 0.41%, to $63.89 a barrel by 0104 GMT. U.S. West Texas Intermediate crude fell 27 cents, or 0.44%, to $60.67 a barrel. The Brent July futures contract is due to expire on Friday.
Rupee vs Dollar
The Indian rupee rose 18 paise to 85.30 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, rose 0.16% to 99.43 level.
(With inputs from agencies)
At 10:40 am, the BSE Sensex was down 313 points, or 0.38%, at 81,319, while the Nifty50 slipped 98 points, or 0.40%, to 24,735.
Foreign portfolio investors (FPIs) bought Indian equities worth Rs 884 crore ($103.5 million) on Thursday, marking their fifth straight session of net inflows.
With $2.6 billion in net foreign inflows so far in May, FPI buying is on track to log its highest monthly total since September 2024, when benchmark indices hit record highs.
Among Sensex stocks, Adani Ports, Nestle India, L&T, Sun Pharma, and Bajaj Finserv opened higher, while Infosys, Tech Mahindra, HCL Tech, and IndusInd Bank saw early declines.
Among individual stocks, Ola Electric Mobility slumped 9.7% after the electric two-wheeler maker reported a sharp rise in March quarter losses, with net loss widening to Rs 870 crore from Rs 416 crore a year earlier.
Also read: Suzlon Energy shares soar 13% after Q4 profit surges 365% YoY to Rs 1,182 crore
Shares of real estate firm Sobha jumped 6.7% after the company posted a nearly six-fold rise in consolidated net profit to Rs 40.85 crore for Q4 FY25.
On the sectoral front, Nifty IT dropped over 1%, while Metal slipped 0.5%. In contrast, Nifty Bank, Financial Services, Realty, and Oil & Gas indices opened higher.
Experts View
"Stable institutional flows- both FII and DII - are keeping the market steady even in the absence of positive triggers. The ongoing consolidation phase is likely to continue in the near term. Investors should understand two distinct big trends that will weigh on markets: One, India’s macros are strong and improving. Two, this positive trend in macros is not getting reflected in corporate earnings. This is the fundamental reason for the range-bound movement of the market," said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments.
Hardik Matalia, Derivative analyst at Choice Broking, said, After a flat opening, Nifty can find support at 24,800, followed by 24,700 and 24,500. On the higher side, 24,900 can be an immediate resistance, followed by 25,000 and 25,100."
Global Markets
Stocks slipped in Asia on Friday, and the U.S. dollar dropped with Treasury yields as investors digested an appeals court decision to keep President Donald Trump's tariffs in effect, a day after markets rallied on a separate ruling blocking most of them.
Japan's Nikkei saw the most pronounced selling, after experiencing the most pronounced buying on Thursday, with moves in the exporter-heavy index exacerbated by the ebb and flow in demand for the safe-haven yen.
The Nikkei dropped 1.7% in the Asian morning, putting it basically back at Wednesday's closing level. Hong Kong's Hang Seng sank 1.4% and mainland China's blue chip index eased 0.3% in early trading.
U.S. S&P 500 futures retreated 0.2%. Pan-European STOXX 50 futures edged 0.1% lower.
Also read: Bajaj Auto shares slip over 2% after Q4 profit drops 10% YoY to Rs 1,802 crore
FII/DII Tracker
Foreign Institutional Investors (FIIs) net bought equities worth Rs 884 crore on May 29, while Domestic Institutional Investors (DIIs) purchased Rs 4,286 crore.
Crude Oil
Oil prices were on track to end the week down more than 1% on Friday amid whipsawing tariff rulings in the U.S. and as the market braced for a potential OPEC+ output hike.
Brent crude futures slipped 26 cents, or 0.41%, to $63.89 a barrel by 0104 GMT. U.S. West Texas Intermediate crude fell 27 cents, or 0.44%, to $60.67 a barrel. The Brent July futures contract is due to expire on Friday.
Rupee vs Dollar
The Indian rupee rose 18 paise to 85.30 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, rose 0.16% to 99.43 level.
(With inputs from agencies)
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