Indices

On the sectoral front, Nifty Media led gains, rising 2.13%, followed by Nifty IT up 0.56% and Nifty FMCG higher by 0.46%. Nifty Auto was marginally higher.

The Nifty needs to hold above Thursday's high of 23,777 for the recovery to continue. A sustained move above that level may push the index towards the 50-day moving average near 23,836.

On the downside, the 23,580-23,550 zone is expected to provide strong support to the index, analysts said.

Nifty IT was the only sectoral loser, falling 1.99%. Nifty Oil and Gas rose 0.04%, while Nifty FMCG, Auto, Energy, Realty, Defence and Media gained between 0.34% and 0.90%.

Investing patterns have changed. It is no longer about buying and holding on to the so-perceived blue-chip stocks into the forever future.

The broader indices are trading mixed, with Nifty Smallcap 250 flat, lower by 0.09%, while the Midcap 150 rose 0.92%.

The continued declines in the tech shares has pushed the Nifty IT Index more than 40% below its all-time high reached in December 2024.

On the daily chart, Nifty formed a green candle with shadows on both sides, reflecting sharp intraday movement. The index, however, continued to post a lower high and lower low compared with the previous session.

Get the latest updates on the Nifty, Sensex and the market movers here.

The Nifty 50 closed down 1.83% at 23,579.55, while the Sensex fell 1.92% to 74,559.24, reflecting broad-based selling across sectors.

For upstream producers like Oil India, royalty is a direct deduction from gross revenues. A lower rate means more of every barrel produced flows to the bottom line.

A sharp rebound in small-caps has lifted sentiment, but the bigger question is whether the fundamentals support it.

Berger Paints India, Borosil Renewables, BPCL, Dixon Technologies and Dr. Reddy's Laboratories are among companies that will announce Q4 results today.

Technical indicators point to rising pressure on the index at a time when traders are tracking expiry-related volatility.

South Korea led gains in the region after the Kospi jumped more than 2%, extending gains after hitting a record high in the previous session.

On the upside, Nifty 50 will face strong hurdle at 23,930-23,960 levels, analysts said.

Most sectoral indices traded lower, led by Nifty Realty, which fell about 2.3%. Nifty PSU Bank declined around 1.6%, while Nifty Consumption, Oil & Gas, Energy and Auto were down between 1.4% and 1.5%.

The broader market is slightly overperforming the benchmarks, but is also facing pressure with the Nifty Smallcap 250 falling almost 0.74%, and the Nifty Midcap 150 dropping about 0.77%.

South Korea's Kospi opened 3.67% higher to a record level, while the smaller Kosdaq index edged up slightly.

On Friday, benchmarks ended lower, tracking negative global cues. The Nifty 50 closed 0.62% lower at 24,176.15, down 150.50 points, while the Sensex ended 0.66% lower at 77,328.19, down 516.33 points.