Stock Market Alert: Nifty, Sensex Fail to Hold Ground, Axis Bank Trips Bank Nifty; More Bear Run Ahead?

Stock Market Opening: The Indian stock market today opened on a flat note as investors reacted to March quarter earnings of the financial year 2024-25. Shares of Tech Mahindra, L&T, Axis Bank, and several other companies moved as investors reacted to their Q4 results announcement.

Nifty opened 42 points higher at 24289, whereas BSE Sensex was up 28 points to 79830.10 during the Friday's opening session. Nifty Bank remained under pressure, apparently due to the underperformance of the Axis Bank stock which was down nearly 3% during the opening session.

Stock Market Today: Top Gainers, Top Losers

SBI Life was up 8% during the opening session, whereas Axis Bank shares were in pressure during Friday's session. TCS, Tata Steel, Shriram Finance, Maruti Suzuki, L&T, and others were among the top gainers. HDFC Bank is was trading in green. Axis Bank and Tech Mahindra Among top losers.

Nifty Midcap among the broad market indices remained in green, whereas Nifty SmallCap 250 was down 0.26%. India VIX was down nearly 1.3%.

Stock Market Recap

The flat opening of the Nifty and Sensex today has come a day after the Indian stock market snapped the 7-day rally. Nifty 50 ended 82 points lower at 24,247 on Thursday. Both Nifty Midcap100 and Smallcap100 managed to end on a flat note. Realty and FMCG sector witnessed the major selloff on Thursday after Hindustan Unilever and Nestle India announced their Q4 results.

Commenting on the decline in FMCG sector stocks, Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd. said, " FMCG stocks declined following weaker than expected margin guidance from HUL, though the Q4 numbers were largely in-line for the FMCG companies that have declared results so far."

The market sentiment held ground as the foreign institutional buyers (FIIs) continued to pump in money for the sixth consecutive day with inflows of Rs 3,300 crores on Wednesday, noted Khemka.

"After a rally of 12% in the last 10 trading sessions, Indian market is expected to consolidate with a positive bias. Global market cues and Q4 corporate earnings would be the key drivers for the market. Key results to watch out on Friday include those from heavyweights like Reliance, Maruti, Hindustan Zinc, Shriram Finance, Cholamandalam Inv amongst others," he opined.

Stock Market Today: Will Nifty Continue Its Bullish Run?

Despite a nominal decline in the Nifty's performance on Thursday, Nifty has formed a bullish candle on weekly charts indicating a boosted momentum in the coming days, according to Chandan Taparia, Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd.

"The FIIs long-short ratio is hovering near 30%. Range-bound India vix and increasing put call ratio suggest that bullish momentum may continue. Now till it holds above 24100 zones for an up move towards 24400 then 24600 levels while support can be seen at 24100 and then 24000 level," he added.

Global Stock Market Recap: US Stock Market Ends in Green, Asian Stocks Mirror Positive Sentiment

The US stock market indices ended Thursday's session in green. S&P 500 closed above 2% Thursday in the backdrop of mixed earnings from top IT firms and expectations of progress in US-China tariff standoff negotiations. NASDAQ Composite ended higher at 2.74%, whereas Dow Jones Industrial Average (DJIA) closed 1.23% higher. Asian stock markets followed the positive sentiment. At 10 am, Nikkei 225 was up 1.85%, whereas Hang Seng Index was trading 297 points higher.