Markets maintained modest gains during mid-day trading on Friday, with both benchmark indices trading in positive territory despite persistent concerns over the steep 50 per cent US tariff on Indian exports announced earlier this week.
The traded at 80,153.75, up 73.18 points or 0.09 per cent from its previous close of 80,080.57. The index opened at 80,010.83 and has remained range-bound throughout the morning session. The stood at 24,526.25, gaining 25.35 points or 0.10 per cent from its previous close of 24,500.90, after opening at 24,466.70.
Market sentiment remained cautious as investors continued to digest the implications of the US trade measures while awaiting the GST Council meeting scheduled for September 3-4, where possible tax relief measures are expected to be discussed.
Among the top gainers on the Nifty 50, Shriram Finance led the pack with a 2.54 per cent increase to ₹586.15. Trent followed with a 2.18 per cent gain to ₹5,349.50, while ITC advanced 1.41 per cent to ₹406.55. BEL rose 1.36 per cent to ₹368.80, and Kotak Mahindra Bank gained 1.30 per cent to ₹1,969.90.
On the losing side, Mahindra & Mahindra declined 2.27 per cent to ₹3,220.50, leading the laggards. Eternal Oil was down 2.19 per cent at ₹308.60, while Infosys dropped 1.45 per cent to ₹1,478.40. Apollo Hospital fell 1.38 per cent to ₹7,621.50, and Eicher Motors declined 0.91 per cent to ₹6,077.00.
Sectoral performance showed mixed trends, with Nifty FMCG emerging as the top performer, gaining 0.97 per cent. The Nifty Financial Services index advanced 0.23 per cent to 25,700.55, while Nifty Bank gained 0.19 per cent to 53,918.75. However, Nifty Realty underperformed, declining 0.16 per cent.
Broader market indices displayed positive momentum, with the Nifty Midcap 100 rising 0.22 per cent to 56,171.50 and the Nifty Next 50 gaining 0.24 per cent to 65,710.60.
Market breadth remained favourable with 2,283 stocks advancing against 1,551 declining on the BSE, while 209 remained unchanged. A total of 83 stocks hit 52-week highs compared to 91 touching 52-week lows. Additionally, 181 stocks were locked in upper circuits while 137 hit lower circuits.
Technical analysts noted that the Nifty’s crucial support zone remains at 24,440-24,420 levels, with resistance placed at 24,650-24,680. A breach below 24,420 could trigger further weakness toward 24,320-24,300, while a surge above 24,680 might extend the rally toward 24,800.
Options data revealed meaningful call writing at 24,600 and 24,700 strikes, while the 24,500 put strike held substantial open interest. The Nifty’s put-call ratio stood at 0.79, indicating cautious optimism among traders.
Foreign Institutional Investors continued their selling spree from the previous session, though strong buying by Domestic Institutional Investors provided support to the markets. Traders remain focused on Reliance Industries’ Annual General Meeting scheduled later today, which is expected to provide updates on the company’s mega IPO plans.