12 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the red. 12 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the red. 12 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the red. Indian equity benchmarks traded lower in opening deals on Friday, dragged by metal, pharma and energy stocks. The 30-share BSE Sensex pack fell 259 points or 0.42 per cent to trade at 61,645, while the broader NSE Nifty moved 64 points or 0.35 per cent down to trade at 18,233. On the global front, most Asian shares traded lower tracking an overnight fall in a majority of US stocks.
Back home, mid- and small-cap shares were mixed as Nifty Midcap 100 slipped 0.10 per cent and small-cap edged 0.12 per cent higher.
Investors would be awaiting retail inflation data for April, scheduled to be released at 5:30 pm today after market hours. The Reserve Bank of India (RBI), which factors in consumer inflation data while arriving at its key interest rate, opted for a surprising pause on the repo rate in April after six consecutive hikes.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, "Market is likely to remain subdued till there is clarity on two important issues. The US debt ceiling impasse is a short-term threat to the market even though the market believes that the issue will be sorted out just before the deadline. The Karnataka poll outcome can impact the market if the results surprise with either a big win for the Congress or the BJP contrary to the broad exit poll results. A decisive trend in the market will emerge only after clarity on these two issues."
Foreign institutional investors (FIIs) extended their buying streak in Indian equities for the eleventh session in a row on Thursday, adding Rs 837 crore of shares. FIIs have purchased nearly Rs 18,500 crore of Indian shares over the period.
12 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the red. Sub-indexes Nifty Metal, Nifty Oil & Gas and Nifty Pharma were underperforming the NSE platform by falling as much as 1.32 per cent, 0.83 per cent and 0.47 per cent, respectively.
On the stock-specific front, Divi's Lab was the top Nifty loser as the stock cracked 2.72 per cent to trade at Rs 3,238.65. Hindalco, JSW Steel, BPCL and Tata Steel fell up to 2.53 per cent.
In contrast, Eicher Motors, Hero MotoCorp, M&M, Cipla and Bajaj Auto climbed up to 6.29 per cent.
The overall market breadth was strong as 1,344 shares were advancing while 1,114 were declining on BSE.
On the 30-share BSE index, Adani Total Gas, ZEEL, Adani Transmission, RVNL, Divi's Lab, Hindalco, Finolex India and PFC were among the top laggards falling up to 5 per cent.
In addition, BPCL, JSW Steel, Paytm and IRCON tanked up to 2.35 per cent.
On the flip side, Zensar Technologies and Intellect Design Arena jumped up to 9.41 per cent.
Sensex had shed 36 points, or 0.06 per cent, to settle at 61,905 yesterday, while Nifty had moved 18 points, or 0.1 per cent, down to close at 18,297.
Nifty outlook
"While bearishness has set in, it is not fully formed. As long as above 18,265, expect upside hopes to be alive, but it would require a push above 18,315/50 to shrug off bearish vibes. Meanwhile, downside moves will need a break of 18,217 to gain momentum. In other words, we begin today with a sideways bias inside 18,265-18,315, with a fair possibility of expanding into the 18217-18350 band, but with limited expectations of a directional move," said Anand James, Chief Market Strategist at Geojit Financial Services.
"As far as levels are concerned, the 18,200 zone is likely to cushion any blip in the coming period, while the sacrosanct support lies around the 18,100-18,000 mark. On the contrary, 18,300-18,500 is considered a daunting task for the bulls in the comparable period," said Sameet Chavan, Head of Research, Technical and Derivatives at Angel One.