Indian benchmark indices opened flat with a mild negative bias on Friday, as markets are apparently in the consolidation phase amid lack of major cues.
As of 9.30 am, Sensex edged down 83 points, or 0.09 per cent to 85,325 and Nifty eased 17 points, or 0.06 per cent to 26,124.
Main broadcap indices outperformed benchmark indices in terms of gains, with the Nifty Midcap 100 advanced 0.35 per cent, while the Nifty Smallcap 100 added 0.27 per cent.
Cipla, Dr Reddys Labs and ONGC were among the major gainers in the Nifty Pack, while losers included Shriram Finance, Bajaj Finance, Tata Steel, Max Healthcare and TCS.
Among sectoral gainers, the Nifty Consumer Durables index was the top performer, rising 0.4 per cent, followed by Nifty Metal and Nifty Chemicals, which gained 0.3 per cent each.
The Nifty could extend its advance toward resistance levels at 26,202 and 26,330, while 26,000 is expected to provide near-term support.
With only four trading days left in 2025, what seemed to be a Santa rally appears to be fading as markets apparently consolidates without new triggers like a US-India trade deal, analysts said.
US GDP growth of 4.3 per cent in Q3 2025 is imparting resilience to the US market and the rising profitability of US companies, including AI ones, may prompt other FIIs, particularly fleet-footed hedge funds, to increase their investments there, they added.
Sustained buying by the cash rich DIIs will support the market and prevent a sharp pull back, market watchers said, adding that a market rally in early 2026 is likely, and valuation should be the top investment consideration.
Asia-Pacific markets traded higher in the morning session, with several indexes closed for the Boxing Day holiday
In Asian markets, China's Shanghai index advanced 0.17 per cent, and Shenzhen edged up 0.31 per cent, Japan's Nikkei added 0.99 per cent, while Hong Kong's Hang Seng Index gained 0.17 per cent. South Korea's Kospi added 0.7 per cent.
The US markets ended mostly in the green zone on the last trading day, as Nasdaq advanced 0.22 per cent, the S&P 500 edged up 0.32 per cent, and the Dow moved up 0.6 per cent.
On December 24, foreign institutional investors (FIIs) sold equities worth Rs 1,721 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 2,381 crore.
(With inputs from IANS)
