Benchmark indices have declined after opening marginally up on Friday. BSE Sensex declined by 227.22 pts or 0.30 per cent at Rs 76,583.68, and Nifty 50 was down 51.95 pts or 0.22 per cent at 23,346.95 as of 9.25 am.
Sectoral indices traded in a mix. Nifty IT declined by 0.70 per cent at 34,656.45, Nifty bank and private bank were down by 0.20 per cent at 49,747.75 and 24,642.85, respectively. Nifty realty was up 0.96 per cent at 1,130.70.
Commenting on the Nifty outlook, Anand James, Chief Market Strategist, Geojit Financial Services, said, “For most part of this week so far, the lack of upside momentum had given the feeling that a distribution is unfolding that should lead to a sharp fall.
“However, we were content to mark this as a consolidation, as bargain hunting kept resurfacing on dips. Until 23145 gives away, we will persist with this approach. Meanwhile, expect swings on either sides of 23400, with the first downside marker for the day placed at 23350. Favoured view expects key pivots to be broken today, but with low visibility towards a directional move.”
The major gainers on the NSE as of 9.26 am were Shriram Finance (1.74%), Grasim Industries (1.43%), Hindustan Unilever (1.18%), Britannia (0.71%), and Eicher Motors (0.70%). While, Tech Mahindra (-1.50%), JSW Steel (-1.12%), NTPC (-0.93%), LTIMindtree (-0.74%), and Wipro (-0.71%) were the top decliners.
Ambuja Cements stock has hit a new high at ₹689 on the NSE. As of 9.36 am, the stock traded at ₹678.90, higher by 2.48 per cent.
The other major stocks that hit a 52-week high include DRC Systems (19.99%), K.E.C. (3.81%), K.E.I. (3.75%), Drone Destination (3.61%), and JSW Infra (3.46%).