Anand Rathi Soars On Strong Q1: SEBI RA Rajneesh Sharma Sees Breakout Beyond ₹2,300
Stocktwits - Indian equity markets opened on a firm footing on Friday, with benchmark indices rebounding on the back of strong buying in FMCG, IT, and defense stocks.
The upbeat start came despite mixed signals from global markets.
As of 9:40 a.m. IST, the Nifty 50 had climbed 145 points to 24,755, while the Sensex was up 415 points at 81,365.
Broader indices reflected similar optimism, with the Nifty Midcap index gaining 0.4%.
However, retail sentiment on Stocktwits remained ‘bearish’, signaling skepticism about the rally’s durability.
Nifty sentiment and message volume on May 23 as of 9:45 am IST. | source: StocktwitsSectoral performance was mixed. Pharma and consumer durables traded under pressure, but FMCG and IT saw strong buying.
ITC (NSE:ITC) rose over 1% after reporting a net profit of ₹19,561 crore, supported by exceptional gains. HSBC maintained its ‘Buy’ rating with a target of ₹510, implying a 20% upside.
Defense stocks found renewed investor favor, led by Garden Reach Shipbuilders & Engineers (NSE:GRSE), which hit a record high, jumping 5%. The company announced it had emerged as the lowest bidder for an Indian Navy project, as per its May 22 exchange filing.
Cochin Shipyard (NSE:COCH) and Solar Industries followed with gains of 2%, while Mazagon Dock and Paras Defence added over 1%.
Lloyd Engineering surged 6% after winning a ₹20 crore defence equipment order from Cochin Shipyard.
Among individual stocks, Grasim Industries (NSE:GRAS) topped Nifty gainers, rising 3% as its loss narrowed to ₹288 crore for the March quarter, while revenue surged nearly 32%.
Trent (NSE:TREN) and BEL gained 2% and 1%, respectively, ahead of their upcoming inclusion in the Sensex, effective June 23, replacing IndusInd Bank (NSE:INBK) and Nestlé.
Mamaearth parent Honasa Consumer’s shares soared 12% even as March-quarter results were mixed — profit declined, but revenue rose 13% on the back of growth in newer brands. CEO Varun Alagh noted the impact of internal restructuring was behind them, with the company doubling its offline distribution reach and targeting further expansion.
On the downside, Sun Pharma (NSE:SUN) was the top Nifty loser, slipping 4% after management commentary and forward guidance disappointed investors. Goldman Sachs (NYSE:GS) maintained its ‘Sell’ rating, with a target price of ₹1,475, suggesting a 14% downside from current levels.
Looking ahead, investors will monitor JSW Steel (NSE:JSTL), Ashok Leyland (NSE:ASOK), Devyani International (NSE:DEVY), BEML (NSE:BEML), Ashoka Buildcon, among others, as they report quarterly numbers later in the day.
From a technical standpoint, SEBI-registered analysts on Stocktwits shared the trade setup.
Prabhat Mittal pegged immediate support for the Nifty at 24,480 and resistance at 24,946 & 25,010, while he placed Bank Nifty support at 54,600 and resistance at 55,600 & 56,100.
A&Y Market Research sees Nifty (intraday) support between 24,455 - 24,507 with resistance at 24,746 - 24,811. For the Bank Nifty, they peg resistance at 55,443 - 55,557 and support at 54,334 - 54,470.
Asian markets largely traded in the green as investors digested a slew of regional macroeconomic data.