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Domestic benchmarks Nifty 50 and Sensex opened on a muted note on April 30, slipping mildly as investors took a pause after a roaring rally seen earlier in the month.

At 09:23 am, the Sensex was down 71.11 points or 0.09 percent at 80,217.27, and the Nifty was down 15.15 points or 0.06 percent at 24,320.80. About 836 shares advanced, 1671 shares declined, and 106 shares unchanged.

The broader markets underperformed, bearing the brunt of the selling, as Nifty Midcap 100 slipped 0.2 percent, while Nifty Smallcap recorded over half a percent of losses.

On the sectoral front, a mixed trend was present. The Nifty Auto and PSU Bank indices reported the deepest losses, falling over 1.4 percent in the early session. On the flip side, the FMCG, IT and pharma packs rallied, supporting the sentiment.

The fear gauge, India VIX spiked two percent to 17.73, indicating high levels of volatility and uncertainty in the market.

Bulls are taking a pause after rallying nearly 10 percent from monthly lows. However, after recording a sharp jump, the markets have been range-bound over the past five sessions. Volatility is expected to stay elevated due to ongoing geopolitical tensions, developments related to tariffs, and the unfolding Q4 earnings season and major economic data points from U.S.

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Global cues postive

Overnight, Wall Street stocks advanced while crude and gold prices slid as investors juggled corporate earnings, signs of progress in U.S. President Donald Trump's tariff negotiations, and increased odds of a global recession. All three major U.S. stock indices were modestly higher, with the blue-chip Dow out front.

The Dow Jones Industrial Average rose 0.75 percent, the S&P 500 rose 0.58 percent, and the Nasdaq Composite rose 0.55 percent.

Asian stocks edged up after the S&P 500 index advanced for a sixth day on optimism that companies will be able to weather slowing economic growth and tariff-fueled disruptions. While Japanese and Taiwanese benchmarks, along with Hong Kong's Hang Seng index, traded with gains, South Korea's Kospi was half a percent lower.

Foreign investors buy

Foreign Institutional Investors (FIIs) have resumed buying in India, pouring in Rs 37,300 crore into domestic equities over 10 consecutive sessions.

In the previous session, FIIs bought equities worth Rs 2,385 crore on April 29 as they extended buying, turning net buyers for the month. However, Domestic institutional investors (DIIs) extended their buying on the third day as they bought equities of Rs 1,369 crore.

"The weakness of the dollar and India’s economic resilience are supporting this FII’s India trade. This can continue," VK Vijayakumar, Chief Investment Strategist, Geojit Investments said.

Technical levels to watch

Technically, the previous session's market action indicates failed upside breakout attempt of the hurdle of around 24,350-24,400 levels, according to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. This could mean chances of more consolidation in the short term.

"We are of the view that, on the upside, 24,450 would be the immediate breakout level for the bulls. Above this level, the market could rally towards 24,550-24,600. On the other hand, if the market falls below 24,250, selling pressure is likely to accelerate. Below this level, we could see a quick correction down to 24,150-24100," said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Strategy for investors, traders

"We believe the current consolidation will help the index work off the overbought condition developed after the recent strong rally. Stock specific action will continue to remain in focus as we progress through the Q4 earnings season," noted Bajaj Broking.

"However, investors should exercise caution. Since markets have rewarded patience and many stocks have appreciated handsomely, investors can do partial profit booking and increase the cash component in their portfolio. This strategy should be as a measure of abundant caution. There are unknown unknowns in the market now," said VK Vijayakumar.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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