Nifty, Sensex open flat amid FPI selling, Midcap and Smallcap gain

The Indian stock market opened flat on Friday as weak investor sentiment continued due to sustained selling by Foreign Portfolio Investors FPIs and a subdued earnings season in the IT sectorThe Nifty 50 index opened at 2510855 witnessing a marginal dip of 290 points or 001 per cent Meanwhile the BSE Sensex began the session at 8219362 declining by 6562 points or 008 per centExperts attributed the weak market opening to the ongoing disappointing earnings seasonAjay Bagga Banking and Market Expert told ANI India is seeing continued FPI selling and another underwhelming earnings season for IT so far As more bellwethers come out with their earnings the guidance for the rest of the year and the next will provide the catalyst for Indian marketsHe also highlighted global factors influencing investor mood Markets have been driven by concerns on US deficit and debt Trump policy uncertainty tariffs impact and the White House criticism of the US Fed and Chair Powell with markets unnerved by talk of Trump firing Powell However strong earnings and a stable US economy are providing a silver lining which markets are grasping to rally to alltime highs Bagga addedIn the broad market indices on NSE Nifty 100 opened in red while Nifty Small Cap 100 and Nifty Midcap 100 opened in green with marginal gainsIn the sectoral indices on NSE Nifty IT up by 040 per cent Nifty Metal also surged 051 per cent along with Nifty Auto which gained 023 per cent in opening While the other sectoral indices like Nifty FMCG are down with Nifty Pharma Nifty PSU BankAccording to SBI Securities sectors like PSU Bank Pharma Healthcare Automobile Consumer Durable FMCG and India Tourism are expected to outperform in the short term On the other hand the Defence and IT sectors are likely to underperformAkshay Chinchalkar Head of Research at Axis Securities noted technical indicators pointing to bearish momentum Technically speaking the daily candle completed a bearish engulfing pattern and thats not surprising given that wed mentioned that closing above 25245 and then 25340 was essential for bulls to make a comeback So 25000 remains the support level to watch while 25340 is vital resistance Asian cues are mostly bullish this morning along with US index futures he saidOn the earnings front several major companies are scheduled to announce their firstquarter results todayThese include Reliance Industries Hindustan Zinc Indian Overseas Bank LT Finance Bandhan Bank Mangalore Refinery and Petrochemicals Atul Hatsun Agro Products Indiamart Intermesh Mastek MPS Aarti Drugs Jayaswal Neco Industries Garuda Construction and Engineering Shiva Cement Kerala Ayurveda and Mahindra EPC IrrigationIn other Asian markets Japans Nikkei 225 index and South Koreas KOSPI index were trading under pressure However other indices showed gains at the time of filing this report Taiwan Weighted Index surged by 115 per cent Hong Kongs Hang Seng index was up by 096 per cent and Singapores Straits Times rose by 034 per centThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever