Mumbai: Indian equity markets opened with marginal gains on Friday as mixed global cues, rising US Treasury yields and continued geopolitical uncertainty weighed on overall investor sentiment.
As of 9:24 am, the Sensex was up 96 points, or 0.13 per cent, at 73,676, while the Nifty gained 20 points, or 0.09 per cent, to reach 23,084.
Midcap, Smallcap Indices Edge Higher
Broader market indices largely moved in line with the benchmarks. The Nifty Midcap 100 inched up 0.03 per cent, while the Nifty Smallcap 100 gained 0.06 per cent.
Sectoral indices on the NSE traded mixed. IT, FMCG, consumer durables and healthcare stocks were under pressure, with Nifty IT emerging as the biggest sectoral loser, declining 1.37 per cent.
Meanwhile, Nifty Realty was the top sectoral gainer, rising 0.59 per cent.
Rising US Yields, Geopolitical Risks Weigh On Sentiment
The US 10-year Treasury yield has moved above the 5.20 per cent mark and remains close to multi-year highs. The rise in yields is increasing pressure on global financial conditions and reducing the relative attractiveness of emerging-market equities.
The increase in global yields, along with a stronger US dollar, has also put pressure on the Indian rupee, analysts said.
Geopolitical uncertainty remains elevated as diplomatic progress between the US and Iran remains unclear. Renewed tensions and risks surrounding energy supply routes are keeping global investors cautious, with any further escalation potentially pushing crude oil prices higher.
Nifty, Bank Nifty Levels To Watch
In the previous trading session, the Nifty closed at 23,063, down 1.64 per cent. Immediate support is placed at 22,800–23,000, while resistance is seen at 23,250–23,300.
The Bank Nifty closed at 55,438, down 1.96 per cent. Immediate support is placed at 55,000–55,200, while resistance is seen at 55,800–56,000.
Asian Markets Trade Mixed
Asian markets also traded mixed. China’s Shanghai index declined 1.04 per cent, while Shenzhen fell 2.34 per cent. Japan’s Nikkei gained 1.23 per cent, whereas Hong Kong’s Hang Seng Index declined 1.77 per cent. South Korea’s Kospi advanced 0.9 per cent.
US markets ended largely in negative territory overnight. The Nasdaq edged up 0.01 per cent, while the S&P 500 declined 0.02 per cent and the Dow Jones fell 0.31 per cent.
On September 24, foreign institutional investors (FIIs) net sold equities worth Rs 5,027 crore, while domestic institutional investors (DIIs) bought equities worth Rs 4,301 crore.