Stock Market Opening: Nifty, Sensex Make A Gap Down Start; Will the Dip Deepen or Reverse? Check Top Laggards

Stock Market Opening: Nifty and Sensex started significantly lower on Friday as a part of the wider negative sentiment prevailing across the global stock market. Multiple factors, including tepid Q1 results season, geopolitical uncertainty, etc, continue to impact investors' strategy.

Nifty 50 declined by 51.8 points lower at 25,010.30 points, whereas Sensex opened 118.4 points lower at 82,065 points on Friday. IT sector stocks continued to remain under pressure during the ongoing Q1 result season. Whereas, banking and financials, healthcare, pharma, and other sectoral indices held ground during the early trade deals.

Indicating an overall sombre sentiment across the Indian stock market today, 1,197 stocks were advancing, against 1,857 stocks declining on the BSE on Friday. Nearly 60 stocks hit the upper circuit, and 55 stocks had touched the lower circuit.

Top Gainers, Top Losers

SBI Life, Dr Reddy's, Apollo Hospital, Apollo Hospitals, Ultratech Cement, and Hindalco were among the top gainers on Nifty. Meanwhile, Bajaj Finance, Bajaj Finserve, Shriram Finance, Bajaj Auto, Hero Motocorp, Infosys, Jio Finance, were among the top laggards on NSE.

Stock Market Recap

The negative start of the Indian stock market today is in continuation of the weak performance of the benchmark indices over the past few trading sessions. Nifty and Sensex ended Thursday's trading sessions in the red. The Nifty 50 closed below the 25,100 mark, weighed down by broad-based selling across sectors. However, selective buying in pharma and PSU banks helped limit the downside. The S&P BSE Sensex slumped 542.47 points or 0.66% to 82,184.17, while the Nifty 50 fell 157.80 points or 0.63% to 25,062.10.

Stock Market Today: Will Nifty 50 Dip Further or Regain?

After a gap-down start of Friday's trading session, Nifty 50 is likely to witness a range bound movement later in the day. The benchmark index may see a strong decline if it touches the 24870-24800 mark.

"On technical grounds, Nifty has an immediate support at 24940. If Nifty closes below that, further downside can be expected towards 24870-24800 mark. On the flip side 25140-25200 will act as strong resistance levels," stated Nirmal Bang in its report on Friday.

Commenting on Bank Nifty's technical outlook, the brokerage added, "Bank Nifty's next immediate support is around 56870 levels on the downside and on a decisive close below expect a fall to 56640-56470. There is an immediate resistance at 57370-57640 levels."

Disclaimer: The write-up is just for information purposes, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on article mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.