India's Nifty, Sensex Fall In Early Trading As Banks, IT Stocks Drag

A SEBI-registered analyst pegs support the Nifty index at 24,180 with resistance at 24,420.

Indian stock markets fell in early trading on Friday, extending losses from the previous session as investors resorted to profit-taking after a recent rally.

Benchmark indices fell, with deeper cuts across broader markets. At 10:00 am IST, the benchmark Nifty fell below the key 24,000 level, while the Sensex slipped under 80,000.

Data from Stocktwits showed that sentiment around the Nifty 50 remained 'bullish.' 

The Bank Nifty index was under pressure, led by weakness in select large-ticket financials.

Axis Bank fell nearly 4% despite decent fourth-quarter earnings. The bank intends to raise $2.3 billion through a share sale as part of a larger capital raise that includes debt.

IndusInd Bank's stock inched lower on Friday after the company clarified to stock exchanges that it had not received any directive from the Reserve Bank of India (RBI) to stop acquiring new customers in its microfinance segment.

Among IT stocks, Tech Mahindra's shares fell over 1% following fourth-quarter earnings. Brokerages believe it is making reasonable progress in its strategic vision, but its FY27 goals appear steep.

Mphasis shares rose 2% after the company reported its highest sequential growth during the January-March quarter in the past three years. During the quarter, the company also secured $390 million worth of deals.

In other stock movers, Waaree Energies dropped over 4%. Due to the expiration of the shareholder lock-in period, around 15 crore shares of the company are eligible for trading on Friday. 

Investors are eagerly awaiting Reliance's earnings report today. Bloomberg reports that the stock is entering the earnings season with the highest 'buy' ratings since 2008.

On earnings radar, Maruti, RBL Bank, and L&T Finance will be in focus, among others, as they report quarterly numbers later in the day.  

SEBI-registered research analyst Prabhat Mittal shared the trade set-up on Stocktwits.

Mittal pegs support the Nifty index at 24,180 with resistance at 24,420. 

Mittal sees support at 55,700 for the Bank Nifty and resistance at 54,900.

Another analyst, Ashish Kyal, added that the market consolidated to make room for upward movement.

Kyal sees a break above 24,360, taking the Nifty index to 24,480 levels. Support on the downside is at 24,120.

Globally, Asian markets were higher, while U.S. equity futures were mixed, digesting a solid earnings report from Google parent Alphabet and rising chatter that the Federal Reserve may cut rates sooner than expected.

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