Indian Equity Markets Open in the Red

On Friday, the Indian equity benchmark indices, BSE Sensex and Nifty50, opened in the red. At 9:17 AM, BSE Sensex was trading at 81,080.00, down 210 points or 0.26%, while Nifty50 was at 24,489.45, down 59 points or 0.24%. The technical view suggests continued sideways movement in Nifty, with support at 24,470 and resistance at 24,650-24,700.

Market Expectations and Sectoral Insights

Analysts expect markets to trade in a range with a positive bias, driven by easing retail inflation and favorable global cues. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal, stated, "We anticipate the consolidation phase to conclude soon, with the Nifty likely to surpass the 24,800 resistance level." The banking and IT sectors are expected to play a pivotal role in driving the next leg of the rally.

Global and Domestic Market Dynamics

US markets declined as investors assessed economic indicators before next week's Federal Reserve meeting. Asian markets showed weakness, with Japanese and Australian shares declining. India VIX decreased by 0.58% to 13.19. FIIs became net sellers at Rs 3,560 crore while DIIs purchased shares worth Rs 2,646 crore. The F&O ban list includes Granules, Manappuram, Metropolis, PVR Inox, RBL Bank, and Hindustan Copper.