Stock market opens low amidst weak global cues

MUMBAI: The stock market witnessed a cautious start on Friday with weak global cues weighing down investor sentiment. The opening bell saw the Sensex edging lower by 206.66 points, opening at 64,957.18, while the Nifty also began on a downtrend, slipping 68.80 points to start at 19,315.30.

As the market opened its doors for the trading day, a mixed pattern emerged among the Nifty firms. Of the total, 17 firms made advances, 32 firms experienced declines, and two firms remained unchanged, indicating a cautious approach by investors at the opening. Certain stocks managed to stand out as the top gainers in the initial moments of trading. Dr Reddy, Adani Ports, Divi’s Laboratories, Cipla, and Larsen & Toubro were among the leading gainers, exuding resilience amidst the overall subdued market sentiment. HCL Tech, Wipro, TCS, HDFC Life, and SBI Life faced early losses, showcasing the diverse landscape of the market on this particular trading day.

The financial markets witnessed a tumultuous session as rising bond yields in the United States and a pronounced slide in technology stocks combined forces to drive both the Dow Jones Industrial Average (Dow) and the Nasdaq Composite Index (Nasdaq) to their lowest closing points of the day. The prevailing weak global cues cast a shadow over the market, leading to a cautious start and causing indexes to open in the negative territory. Investors remained attuned to global trends and market dynamics as they navigated the initial stages of trading.

Market analysts and participants will scrutinize these events closely, as the broader implications of rising bond yields and tech stock declines continue to unfold. While the financial markets are no stranger to volatility, the confluence of these particular influences has created a particularly intricate and dynamic trading environment. Commenting on the market outlook, Varun Aggarwal, Founder and Managing Director of Profit Idea, highlighted some key concerns. He noted, "Rising inflation data is also a concern as interest rates are going up continuously. Having said that, Nifty has good OI (Open Interest) support around 19000-19200."

“Indian market is witnessing strong bullish bias in many mid and small-cap stocks. The broader market also looks bullish once this retracement from the strong up move is done. Nifty has strong technical support since 18887. As long as markets are respecting these levels, the Bull market is here to stay” said Aggarwal.

As the trading day unfolds, market participants remain poised to respond to evolving trends and news developments, navigating the intricate landscape of the stock market.