Markets dip at opening, yet Nifty remains above 23,000 amid mixed global cues
Benchmark indices opened on a positive note Friday morning. The Sensex opened lower at 76,155.00 compared to its previous close of 76,348.06 but rose to 76,606.50, gaining 258.44 points or 0.34 per cent. Meanwhile, the Nifty opened slightly lower at 23,168.25 against its previous close of 23,190.65 but climbed to 23,273.25, up by 82.60 points or 0.36 per cent as of 9.45 AM.
The market continues its four-day rally despite looming concerns over reciprocal tariffs set to be imposed by the US on April 2. Foreign Institutional Investors (FIIs) turned net buyers, purchasing equities worth ₹3,239 crore on Thursday, while Domestic Institutional Investors (DIIs) ended their 29-session buying streak with net sales of ₹3,136 crore.
“The rally in the market this week which saw the Nifty rise by 3.5 per cent has come at a time when trade tensions are escalating,” said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. “The main driver of the rally is the buying by FIIs in the cash market in two days and perhaps, more importantly, sharp decline in their short positions and increase in long positions in the futures market.”
Among the top gainers on NSE, Bajaj Finance led with a 3.02 per cent increase, followed by Hero MotoCorp (1.78 per cent), Sun Pharma (1.60 per cent), Bajaj Auto (1.43 per cent), and Nestle India (1.41 per cent). The losers included Infosys (-0.92 per cent), HDFC Bank (-0.38 per cent), Hindustan Unilever (-0.30 per cent), Titan (-0.28 per cent), and IndusInd Bank (-0.25 per cent).
IT stocks faced pressure after Accenture’s cautionary outlook on US government cost-cutting measures. Both Infosys and Wipro AD₹fell over 2 per cent each after Accenture shares tumbled 7 per cent following warnings about slowing US government work amid spending crackdowns.
“Accenture Plc shares tumbled by 7 per cent after the consultancy said its US government work has slowed amid Elon Musk’s cost-cutting push,” noted market analysts. The company indicated decreased procurement actions amid President Trump’s spending crackdown, affecting sales and revenue.
Technical analysts remain optimistic about market direction. “Nifty closed above the psychological 23,000 level and well above its 20 and 50-day exponential moving averages (DEMA), which signals a bullish trend,” said Mr. Vikas Jain, Head of Research at Reliance Securities.
Shrikant Chouhan from Kotak Securities added, “The market successfully crossed the 50-day SMA (simple moving average) level and the 23,000/75700 resistance zone, which is largely positive. Additionally, it formed a bullish candle on the daily chart, supporting further upside from current levels.”
Defense, oil and gas, FMCG, and gold finance stocks are expected to perform well in today’s session. FMCG stocks may benefit from CRISIL’s forecast of 6-8 per cent growth in the sector for FY2026, driven by recovering urban demand and steady rural demand.
In commodity markets, gold held near record highs at $3,048 per ounce, finding support amid concerns over potential impacts of US tariffs. Crude oil remained volatile, with Brent trading near $73 per barrel after US sanctions on a Chinese refinery for Iran trade.
“Gold and silver witnessed sharp price swings and ended mixed as the dollar index rebounded following mixed U.S. economic data,” said Rahul Kalantri, VP Commodities at Mehta Equities Ltd. “Despite this, geopolitical tensions in the Middle East and global economic uncertainties continue to drive safe-haven demand.”
The rupee extended its winning streak for the seventh consecutive day, touching a near two-month high of 86.2075 before closing at 86.37, gaining 7 paise.
Looking ahead, Ms. VLA Ambala, Co-Founder of Stock Market Today, commented, “The market appears stable, indicating potential for us and other major economies. However, given the US president’s reiteration of the April 2 deadline, India may not receive relief from reciprocal tariffs.”
For traders, Hardik Matalia, Derivative Analyst at Choice Broking, suggests key support levels for Nifty at 23,100, 23,000, and 22,900, with resistance at 23,250, 23,350, and 23,400. For Bank Nifty, support is seen at 49,900, 49,600, and 49,400, with resistance at 50,300, 50,500, and 50,800.
“Given the prevailing momentum, traders should maintain a disciplined approach with proper risk management while capitalizing on opportunities in the strengthening market,” Matalia advised.
