Indian Markets Slip as US Eyes China Probe, Oil Prices Surge
Sensex opens 113 points lower; FMCG stocks drag while metals and financials support broader markets.
GG News Bureau
Mumbai, 24th Oct: Indian stock markets opened lower on Friday as investors reacted to reports that the United States may launch a fresh investigation into China over their 2020 trade deal. Rising oil prices, triggered by new US sanctions on Russia, also weighed on market sentiment.
At the opening bell, the Sensex fell 113 points, or 0.13 per cent, to 84,443, while the Nifty dropped 27 points, or 0.10 per cent, to 25,866. Analysts said the Nifty continues to exhibit a sideways-to-bullish bias, maintaining key support levels at 25,700 and 25,750.
“Immediate resistance is placed at 25,950, with further upside targets at 26,000 and 26,100. The overall trend remains bullish, provided the index sustains above 25,780 on a closing basis,” analysts added.
Among individual stocks, heavyweights including Hindustan Unilever, Kotak Bank, Axis Bank, Titan, Power Grid, ITC, NTPC, Tech Mahindra, and Maruti Suzuki were top laggards, losing up to 3.5 per cent. In contrast, ICICI Bank, Tata Steel, Bharat Electronics (BEL), Mahindra & Mahindra, Bharti Airtel, HDFC Bank, and State Bank of India traded higher, limiting overall losses.
Broader markets showed resilience, with the Nifty MidCap index rising 0.05 per cent and the Nifty SmallCap index adding 0.09 per cent.
Sector-wise, metal stocks led the gains, with the Nifty Metal index up 1 per cent, while Realty and Financial Services saw modest increases. FMCG stocks were under pressure, with the Nifty FMCG index falling 1.4 per cent, emerging as the day’s biggest sectoral loser.
“Given the current setup of heightened volatility and mixed signals, traders are advised to adopt a cautious ‘buy-on-dips’ strategy, especially when using leverage,” analysts said. They recommended booking partial profits during rallies and maintaining tight trailing stop-losses to manage risk effectively.
