Indian equity benchmarks opened lower on Friday amid weak global cues and cautious investor sentiment. In early trade, the BSE Sensex declined about 350 points to 78,641.21, while the NSE Nifty slipped below the key 24,600 level to trade at 24,592.40.
The domestic market began the session on a weaker note as mixed global market signals, investor caution and selling pressure in banking stocks kept the benchmark indices in negative territory. However, the broader market outperformed the headline indices, while shares of select consumer companies touched fresh record levels.
In early trade, the BSE Sensex was trading around the 78,600 mark, down about 0.40 per cent, while the Nifty 50 remained below the 24,600 level. Banking and financial stocks came under selling pressure, weighing on the Bank Nifty. Investor caution was reflected in major banking stocks, resulting in weakness across the sector.
Despite the decline in the benchmark indices, the broader market was relatively resilient, with selective buying seen in mid-cap and small-cap stocks, providing support to the overall market. This indicates that investors continue to seek opportunities in selected sectors and companies.
Mid-cap and small-cap stocks delivered comparatively better performance than the benchmark indices. According to analysts, investor interest is shifting towards medium-sized and smaller businesses with growth potential rather than large-cap companies. Market participants said investor interest in the mid-cap and small-cap segments has increased in recent months as several companies have reported earnings growth and improved business performance.
Nestle India shares gained during Friday's trading session, with the stock touching a record high. Analysts said stability in consumer demand, a b brand portfolio and consistent financial performance have supported investor confidence. As a result, buying interest in Nestle India continued despite the broader market weakness.
Shares of Titan Company also touched a fresh 52-week high during the trading session. The stock witnessed some profit booking after reaching the new high, but investor confidence in the company remained intact. According to market experts, robust consumer demand, increasing popularity of premium products and the company's ongoing expansion strategy have supported its performance.
