Equity benchmarks slipped in early trade on Friday after facing resistance at higher levels, with the Nifty 50 sliding into negative territory even as the Sensex held marginal gains, driven by diverging global cues and fresh selling in technology and financial stocks.

The Nifty 50 opened at 24,165.90, down from its previous close of 24,196.75, and slipped further to 24,149.90, a fall of 46.85 points or 0.19 per cent, by 9.16 am. The Sensex, which closed at 77,988.68 on Wednesday, opened at 77,976.13 and edged up to 78,128.35, a gain of 139.67 points or 0.18 per cent, in the same period.

Wipro was the session's biggest drag after its Q4 earnings showed a marginal decline in net profit. The stock opened at ₹205 and fell to ₹204.46, down 2.76 per cent, on the highest traded value in the Nifty at ₹14,721.51 lakhs. The company also announced a ₹15,000 crore buyback at ₹250 per share, but the announcement was unable to arrest the selling. HDFC Life shed 2.23 per cent to ₹617.40 against its previous close of ₹631.50. HCL Technologies dropped 1 per cent to ₹1,435.70 from ₹1,450.20, while Tech Mahindra was down 0.90 per cent at ₹1,477.60 against ₹1,491.00. Hindalco, which had been among the previous session's leaders, gave back some gains, slipping 0.85 per cent to ₹1,031.05.

On the gaining side, NTPC added 1.31 per cent to ₹395.90 against a previous close of ₹390.80. ITC rose 1.25 per cent to ₹307.20 from ₹303.40. Adani Ports climbed 0.85 per cent to ₹1,563.00 against ₹1,549.80, while Trent gained 0.84 per cent to ₹4,117.50 from ₹4,083.30. ONGC rose 0.69 per cent to ₹284.70.

Hariprasad K, SEBI-registered Research Analyst and Founder of Livelong Wealth, noted that the market is grappling with a divergence between global markets: ..."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."

The session's sectoral picture was mixed. Defence and metals found buyers, while banks, financials, and auto stocks saw selling pressure. The IT sector was under broad pressure following Wipro's results, with multiple large-cap technology names trading lower. 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"... on Wall Street overnight, though this sentiment had limited follow-through domestically given Wipro's performance.

On the macro side, the Reserve Bank of India announced a ₹2 lakh crore seven-day variable rate reverse repo auction, a move aimed at absorbing excess liquidity from the banking system. Hariprasad K flagged 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, purchasing equities worth ₹382 crore, marking the second straight day of buying. Domestic Institutional Investors, however, sold equities worth over ₹3,400 crore, continuing their recent selling trend. Ponmudi R, CEO of Enrich Money, cautioned that ..."after a phase of sustained outflows, recent sessions have shown signs of stabilisation and selective buying, offering some support to the market."

Technically, the Nifty faces resistance between 24,350 and 24,400, a zone where selling emerged in the previous session after the index hit an intraday high of 24,400.95 before reversing sharply. Gaurav Udani, Founder of ThinCredBlu Securities, said ..."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."

India VIX remains above the 18 mark, pointing to elevated option premiums and an underlying layer of uncertainty. Jio Financial Services will also be closely tracked as it heads into its Q4 results, adding to the earnings-driven focus in the financials space.

Published on April 17, 2026