Markets opened cautiously on Friday, with the trading at 24,130.75, down 42.30 points (0.17 per cent) from its previous close of 24,173.05, while the opened at 77,483.80 against its previous close of 77,664.00, and was seen trading at 77,523.55, down 140.45 points (0.18 per cent) at 9.16 am.
Thursday’s session ended with the Nifty falling 205 points, forming what analysts described as a Gravestone Doji-like candlestick pattern — a sign of selling pressure at higher levels. India VIX, the market’s fear gauge, rose 1.58 per cent to 18.59, indicating heightened uncertainty.
Brent crude oil surged to around $106 per barrel, up nearly 18 per cent this week alone, as a naval blockade of the Strait of Hormuz continued to disrupt supply. The spike has rattled markets from Tokyo to Mumbai, with Asia’s refining activity already hit by crude shortages. “Market has been continuously responding to bad news and hopes emanating from a potential deal on the West Asia conflict,” said Dr VK Vijayakumar, Chief Investment Strategist at Geojit Investments. “A mid to long-term market direction will emerge only from clarity on the conflict resolution, particularly on the opening of the Hormuz Strait.”
Gainers and losers
On the Nifty 50, pharma and aviation names led gains. Max Healthcare opened at ₹1,009.95 and was trading at ₹1,017.00, up 1.02 per cent. IndiGo rose 0.92 per cent to ₹4,597.90 from a previous close of ₹4,556.00. Grasim Industries gained 0.88 per cent to ₹2,759.20, Bajaj Auto climbed 0.83 per cent to ₹9,630.00, and Jio Financial Services added 0.77 per cent to trade at ₹250.57.
IT and pharma heavyweights were the session’s biggest drag. Infosys fell 2.93 per cent to ₹1,204.30 from a previous close of ₹1,240.60 on over 21 lakh shares changing hands. Cipla dropped 2.35 per cent to ₹1,275.20, Sun Pharma slipped 1.74 per cent to ₹1,650.90, Dr. Reddy’s Laboratories declined 1.66 per cent to ₹1,308.90, and TCS fell 1.06 per cent to ₹2,495.00. “Poor guidance from IT majors indicate that large cap IT stocks will continue to be weak despite the low valuations,” Vijayakumar added.
Foreign institutional investors extended their selling streak to a fourth consecutive session on April 23, offloading equities worth ₹3,254 crore. Domestic institutional investors provided partial cover, buying equities worth ₹941 crore. The pressure pushed the rupee down 32 paise against the dollar to its weakest level this April, last seen at 94.11.
Global markets
Globally, US stocks closed lower on Thursday. The Nasdaq fell 0.89 per cent, while the S&P 500 and the Dow each declined around 0.4 per cent, with technology stocks leading losses. ServiceNow and IBM posted disappointing guidance. However, Intel surged over 20 per cent in after-hours trade on strong data centre and AI-driven demand. In a rare bright spot, the Israel-Lebanon ceasefire was extended by three weeks. “The extension is being viewed as a temporary relief rather than a structural resolution,” noted Hariprasad K, Founder of Livelong Wealth.
Across global economies, the US Federal Reserve is widely expected to hold rates as oil-driven inflation complicates its path. The European Central Bank is expected to hold now but likely hike in June, with eurozone inflation running at 2.7–3 per cent. The Bank of England is also on hold as UK inflation climbed to 3.3 per cent.
Domestically, the earnings calendar will drive stock-specific action. Reliance Industries reports after market close today, with IndusInd Bank and Shriram Finance also in focus. “Nifty is expected to open slightly higher around 24,250… but the structure remains cautious unless important resistances are reclaimed,” said Gaurav Udani, Founder of ThinCredBlu Securities. “Any move towards resistance may face selling pressure, making a sell on rise approach more relevant.”
Analysts broadly agree the market is in a wait-and-watch mode. “Fresh long positions should ideally be initiated only after the Nifty decisively breaks above and sustains the 24,500 level,” said Hitesh Tailor, Research Analyst at Choice Equity Broking.