Opening Bell: Markets snap three-day gaining streak, Sensex, Nifty down nearly 0.4% - ITC, IndusInd top gainers

The Indian markets snapped a three-day winning streak to start Friday’s session on a negative note amid weak global cues. The Sensex slipped over 200 points, while the Nifty is trading below the 17450-mark.

The BSE Sensex declined 206 points or 0.35 per cent to 58600, while Nifty fell by over 70 points or 0.4 per cent to 17447 at the market open today. On the other hand, broader markets are trading mixed as the mid-cap index slipped marginally by 0.2 per cent and small-cap gained by 0.3 per cent. 

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As many as 19 stocks are in the green and 31 are in the red on the Nifty50 during the early morning trade. ITC continued its winning streak to gain most of all, up over 1 per cent, followed by IndusInd Bank also up over 1 per cent as RBI allows LIC to pick up extra stake in the private lender.

Other stocks that are gaining in otherwise negative market are IOC, Asian Paints, M&M, Grasim, Cipla each surged between 0.5-1 per cent in the early morning trade.

On the contrary, Axis Bank slipped most by over 1 per cent, followed by HDFC, Tata Motors, Bajaj Finance each down around 1 per cent minutes after the market open.

Almost all sectoral indices are in the green except for bank, financials, IT and pharma stocks. Nifty Auto, FMCG, and Metal indices surged most in the early morning trade on Friday.

“Strong domestic indicators combined with positive global cues are playing a key role in driving the markets. Besides, Swiss Brokerage firm Credit Suisse has predicted that the Indian economy can grow by 9% in the upcoming fiscal year, Mohit Nigam, Head - PMS, Hem Securities said in a note.

He further said, “Equity Mutual Funds witnessed a sharp rise in November amid continuous selling from FII's. Investors followed a buy in dip strategy and found this correction as a good opportunity to deploy new funds.”

“On the technical front, the key resistance levels for Nifty50 are 17590 followed by 17650 and on the downside 17415 followed by 17300 can act as strong support. Key resistance and support levels for Bank Nifty are 37360 and 36850 respectively, Nigam said in his comment on Friday.