Sensex gains 134.14 points, Nifty slips as investors stay cautious
India's stock market had a mixed start on Friday after a big Wall Street drop.
The Sensex edged up by 134.14 points to 79,444.15, while the Nifty slipped by 27.65 points to 24,508.95.
Investors are treading carefully thanks to global uncertainty.
US tech selloff sparks global jitters
A steep fall in US tech stocks (Nasdaq 100 down more than 6%, S&P 500 off 4.4%) sparked worldwide jitters. Still, Indian stocks held up better than expected.
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, pointed out that strong foreign investor interest and better corporate earnings are helping steady things here.
He added that while global turbulence can shake things up, India might actually benefit from cheaper tech stocks and solid large-cap companies: "For financials, tech and auto stocks there is more upside," said Dr V K Vijayakumar.
Sector-wise, banks saw mixed performance, but IT gained 1.30%, metal was the biggest sectoral loser, falling 2.23%, and pharma was almost flat, so it's a mixed bag across the board today.