Mumbai, May 17, 2024 – Indian equity indices were in the red on Friday morning, impacted by muted global cues. At 9:45 a.m., the Sensex had dropped 166 points or 0.23%, standing at 73,497 points. Similarly, the Nifty was down 45 points or 0.21%, at 22,353 points.
In contrast, midcap and smallcap indices outperformed the benchmarks. The Nifty midcap index rose by 204 points or 0.40%, reaching 51,357 points, while the Nifty smallcap index increased by 151 points or 0.87%, to 16,747 points. The India VIX, a measure of market volatility, decreased by 0.85% to 20.17 points.
Sector-wise performance varied, with Auto, PSU Bank, Metal, Realty, Media, Energy, Infra, and Oil & Gas sectors emerging as the major gainers. Conversely, IT, FMCG, Pharma, Financial Services, and Private Banks sectors were the major losers.
Within the Sensex, 22 out of 30 shares opened in the red, while 8 shares opened in the green. M&M was the top gainer, jumping over 6%. Other major gainers included Tata Motors, Tata Steel, Power Grid, and SBI. Among the major losers were Axis Bank, Maruti Suzuki, Reliance, Sun Pharma, and HUL.
Market experts noted that net institutional buying had turned positive, and a sharp recovery of nearly 350 points from the lows in Nifty, along with large short positions in the market, could aid in market recovery. They also indicated that news from the political front is likely to become more positive. Additionally, stocks heavily impacted by foreign institutional investor (FII) selling are expected to see further recovery.
