Mumbai: The Indian benchmark indices opened slightly lower on Thursday, tracking mixed global cues and continued selling by foreign institutional investors (FIIs).

At 9:25 am, the Sensex slipped 88 points (0.08%) to 84,398, while the Nifty 50 edged down 15 points (0.05%) to 25,860.

Broader markets mirrored the benchmarks, with the Nifty Midcap 100 down 0.13% and the Nifty Smallcap 100 losing 0.27%.

Among the top Nifty gainers were Tata Steel, Hindalco, and Dr Reddy’s Laboratories, while Bajaj Finance, Apollo Hospitals, Shriram Finance, and TCS led the declines.

All sectoral indices were trading in positive territory except FMCG (down 0.78%), IT, and private banks. Nifty Metal was the standout performer, gaining 1.52%.

Analysts noted that a potential India–US trade deal aimed at removing penal tariffs and easing reciprocal trade duties could be a key factor influencing the market in the near term.

The decline in India’s retail inflation for October to 0.25% has also fuelled expectations of a possible rate cut by the RBI’s Monetary Policy Committee (MPC) in December. However, analysts cautioned that weak monetary policy transmission remains a concern for the central bank.

Immediate resistance for Nifty is placed at 25,950 and 26,000, while support levels are seen at 25,700 and 25,750, they added.

Across Asia, most markets traded higher after the US House of Representatives passed a short-term funding bill, ending the country’s longest federal government shutdown.

Overnight, US markets ended higher, the S&P 500 rose 0.06%, and the Dow Jones Industrial Average gained 0.88%, while the Nasdaq Composite slipped 0.28%.

In Asia, Shanghai added 0.3%, Shenzhen climbed 1.62%, and Japan’s Nikkei rose 0.2%. However, Hong Kong’s Hang Seng fell 0.45%, and South Korea’s Kospi declined 0.17%.

On Wednesday, FIIs sold equities worth ₹1,150 crore, while domestic institutional investors (DIIs) were net buyers to the tune of ₹5,127 crore, according to exchange data.

IANS