Benchmark indices opened positively on Friday morning, buoyed by optimism surrounding the Modi-Trump talks and delayed implementation of U.S. tariffs, though gains were quickly pared as caution prevailed among investors.
The Sensex opened at 76,388.99, up from its previous close of 76,138.97, while the Nifty began trading at 23,096.45, above its prior close of 23,031.40. However, by 9.35 AM, both indices had surrendered their initial gains, with the Sensex trading at 76,129.11 (down 0.01 per cent) and Nifty at 23,014.90 (down 0.07 per cent).
Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd., noted, “The biggest positive catalyst today is the potential for trilateral talks to end Russia’s three-year war on Ukraine. Wall Street rebounded sharply on Thursday, with the S&P 500 closing just shy of a record high. Stocks like Tata Steel, HDFC Bank, Reliance Industries, and Infosys are expected to contribute to the market’s momentum.”
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Among sectors, IT and FMCG stocks gained in early trade, while PSU banks and healthcare stocks faced selling pressure. Top gainers on the NSE included ICICI Bank (+0.63 per cent), HCL Tech (+0.57 per cent), Infosys (+0.53 per cent), Tech Mahindra (+0.47 per cent), and ITC (+0.46 per cent). On the losing side, Adani Enterprises (-2.68 per cent) and Adani Ports (-1.82 per cent) led the decline, followed by Dr. Reddy’s (-1.39 per cent), Apollo Hospitals (-1.17 per cent), and Power Grid (-0.98 per cent).
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, commented, “Early indications from the Modi-Trump talks are positive from the market perspective. The threatened reciprocal tariffs have been delayed, leaving room for negotiations. However, a sustained rally is unlikely as FIIs continue their selling spree.”
The Nifty 50 index opened at 23,096.45 and touched an intraday high of 23,235 before facing resistance at 23,300. Analysts observed that the largest change in open interest for Nifty was on the call side at 23,100 and 23,050, indicating stiff resistance. Simultaneously, put sellers at 23,000 suggest strong support at this level.
Ameya Ranadive, Senior Technical Analyst, StoxBox, noted, “The Nifty faces significant resistance at 23,300. If the 23,000 level is breached within the first 30 minutes of trading, the index may come under slight pressure.”
Bank Nifty also displayed bearish momentum, erasing early gains and trading below key exponential moving averages (EMAs). The index struggled to sustain above 49,700, indicating weakness. Resistance levels are seen at 49,500 and 49,800, while support is placed at 49,250 and 49,000.
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Shrikant Chouhan, Head of Equity Research, Kotak Securities, highlighted, “The market structure remains volatile and non-directional. Key resistance zones for bulls are at 23,200/76,500, while support is at 22,950/76,000. Traders should reduce weak long positions at higher levels.”
In commodities, crude oil futures edged higher after US President Donald Trump delayed reciprocal tariffs. Brent oil futures were at $75.18, up 0.21 per cent, while WTI crude traded at $71.39, up 0.14 per cent. On the Multi Commodity Exchange (MCX), February crude oil futures traded at ₹6206, up 0.16 per cent.
Gold and silver prices showed high volatility. Rahul Kalantri, VP Commodities, Mehta Equities Ltd., stated, “Strong safe-haven demand due to trade tariff fears is supporting gold prices. However, a decline in jobless claims and uncertainty over interest rate cuts may limit gains.”
Foreign Institutional Investors (FIIs) extended their selling streak, offloading equities worth ₹2,789.91 crore on February 13, while Domestic Institutional Investors (DIIs) provided support by purchasing ₹2,934 crore worth of equities.
Ms. VLA Ambala, Co-Founder, Stock Market Today, emphasized, “Nifty is testing a five-year support trend at the 23,000 mark. Economic concerns, including trade wars and weaker Q3 earnings, are adding to the selling pressure.”
Market participants will closely track further developments in global trade negotiations, institutional flows, and corporate earnings to gauge the market’s direction. With resistance levels tightening, traders are advised to exercise caution and adopt a level-based trading strategy.