Equity benchmarks began trading lower on Friday, with the Nifty 50 slipping into negative territory as it struggled against resistance at higher levels. The Sensex, however, held onto marginal gains, influenced by differing global cues and renewed selling in technology and financial stocks.
The Nifty 50 opened at 24,165.90, down from its previous close of 24,196.75, and further declined to 24,149.90, representing a decrease of 46.85 points or 0.19 percent by 9:16 AM. The Sensex, which closed at 77,988.68 on Wednesday, started at 77,976.13 and rose to 78,128.35, a gain of 139.67 points or 0.18 percent during the same timeframe.
Wipro emerged as the most significant drag on the market following its Q4 earnings report, which indicated a slight drop in net profit. The stock opened at ₹205 and fell to ₹204.46, marking a decline of 2.76 percent, with a trading volume of ₹14,721.51 lakhs. Despite the announcement of a ₹15,000 crore buyback at ₹250 per share, the stock remained under selling pressure. Other technology stocks also recorded losses, including HDFC Life, which decreased by 2.23 percent to ₹617.40, HCL Technologies, down 1 percent to ₹1,435.70, and Tech Mahindra, which fell by 0.90 percent to ₹1,477.60. Hindalco, after performing well in the previous session, retraced by 0.85 percent to ₹1,031.05.
Conversely, a few stocks recorded gains. NTPC increased by 1.31 percent to ₹395.90, ITC rose 1.25 percent to ₹307.20, Adani Ports climbed 0.85 percent to ₹1,563.00, and Trent gained 0.84 percent to ₹4,117.50. ONGC rose by 0.69 percent to ₹284.70.
Hariprasad K, a SEBI-registered Research Analyst and Founder of Livelong Wealth, pointed out a divergence in the global market dynamics, stating, “Wall Street extended its rally, with the S&P 500 and Nasdaq closing at fresh highs… Asian markets appear less convinced, trading lower as investors remain wary of how durable these developments are.”
Sector performance was mixed, with defense and metals finding buyers, while banks, financials, and auto stocks faced selling pressure. The IT sector suffered broadly due to Wipro’s results, affecting multiple large-cap technology stocks. Devarsh Vakil, Head of Prime Research at HDFC Securities, noted that “chip stocks, led by Nvidia, surged as renewed investor confidence in AI’s long-term growth potential drove buying interest” in Wall Street overnight. However, this positive sentiment did not have significant domestic repercussions due to Wipro’s performance.
From a macroeconomic perspective, the Reserve Bank of India announced a ₹2 lakh crore seven-day variable rate reverse repo auction, designed to absorb excess liquidity from the banking system. Hariprasad K observed that “such actions tend to influence short-term interest rates and can have a broader impact on borrowing costs, thereby indirectly shaping consumption and investment trends.”
Foreign Institutional Investors were net buyers in the previous session, acquiring equities worth ₹382 crore, marking the second consecutive day of buying activity. In contrast, Domestic Institutional Investors sold over ₹3,400 crore in equities, continuing a trend of recent outflows. Ponmudi R, CEO of Enrich Money, cautioned that “after a phase of sustained outflows, recent sessions have shown signs of stabilization and selective buying, offering some support to the market.”
Technically, the Nifty encounters resistance in the range of 24,350 to 24,400, where selling arose after the index hit an intraday high of 24,400.95 before reversing. Gaurav Udani, Founder of ThinCredBlu Securities, advised that “fresh long positions should be considered only on a sustained move and close above 24,400, which would confirm strength and open up higher levels.”
The India VIX remains above the 18 mark, indicating elevated option premiums and an underlying level of uncertainty. Market participants will also closely monitor Jio Financial Services as it prepares to release its Q4 results, further adding to the earnings-driven focus within the financial sector.
Published on April 17, 2026.
