FIRST TRADE: Equity indices open marginally higher; Nifty up 0.06% at 24,986, Sensex up 188 pts

Indian equities on the weekly expiry day tracking mixedAsian financial markets started on a positive note. Sensex moved higher by 0.23 per cent or 188 points at 81,689, while the Nifty climbed 15 points or 0.06 per cent to 24,986.

Sectorally, the auto, realty, FMCG and private banking indices traded weak with a cut of over 1 per cent on the Nifty Auto index. Nifty Smallcap 100 outperformed the frontline indices.

From the Nifty pack, top stocks leading the gains included stocks like Hindalco, L&T, Infosys, Wipro and Sun Pharma, while laggards include stocks such as Bajaj Auto, Hero MotoCorp, M&M, Maruti Suzuki and Eicher Motors.

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, "Dow reaching yet another record high and the resilience of the US economy coupled with impressive corporate earnings indicate the continuation of this bull rally in the mother market of the US. With the Fed expected to continue the rate cut with another 25bp cut in the next policy meeting, S&P 500 has the potential to move past the 6000 level bringing cheer to other equity markets."

Stock-specific action is likely to prevail as we may witness reaction on Q2 performance by some of the counters including L&T Technology and Bajaj Auto among others.

Prashanth Tapse, Senior VP (Research), Mehta Equities said, “Nifty slipped below the 25,000 mark in yesterday’s trade, and while today’s session seeks recovery, sentiment remains fragile due to persistent FII selling (with Rs 67,300 crore outflows in October), underwhelming Q2 earnings, ongoing Middle East tensions, and concerns over China’s economic outlook. 

Furthermore, a host of companies including heavyweights such as Infosys, Wipro, Axis Bank and Nestle are slated to come up with their Q2 performance today.

Meanwhile, Asian markets traded mixed, while the MSCI Asia ex-Japan index traded marginally higher. Hang Seng and Straits Times were up up to 1 per cent, while Japan's Nikkei was down 0.5 per cent.