Benchmark stock market indices opened higher on Friday due to gains in Asia, but modest Q3 earnings have kept the volatility intact on Dalal Street.

The S&P BSE Sensex was up 204.76 points to 76,725.14 at 9:17 am, while the NSE Nify50 was trading 64.15 points higher at 23,269.50.

The other broader market indices were trading marginally higher as high volatility continued to keep investors on the edge.

While most of the Nifty sectoral indices were trading in positive territory, none registered a big gain in early trade. On the other hand, Nifty Pharma was down over 1.5%.

The top gainers on the Nifty50 were BPCL, Powergrid, Shriram Finance, Coal India, NTPC and Tata Steel.

Pharma stocks such as Dr Reddy’s, Apollo Hospitals, Sun Pharma, Cipla were among the top losers.

Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said, “Nifty may face a volatile session today, with a strong chance of closing below the psychological 23000 mark as uncertainty around President Donald Trump’s tariff plans persists.”

“Technically, Nifty is trading well below its 200-day moving average of 23982, and a bearish pattern continues to emerge on the daily charts. Major headwinds include record outflows from Foreign Institutional Investors, amounting to Rs. 66,321.70 crores this January, and ongoing tariff threats,” he added.

He advised market investors to keep an eye on key upcoming events, like the FOMC meeting and the Union Budget as they can influence market direction.

“Among stocks, UltraTech Cement surged 7% despite a 17% profit decline, while KEI Industries reported strong earnings. Also, watch out for Q3 results from JSW Steel, DLF, and Indigo today,” he added.

Meanwhile, Dr VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, indicated that foreign institutional investors (FIIs) will continue to sell, putting pressure on large-cap banking stocks.

“The irrationality in the market characterised by fair and even low valuations for largecaps like banking and excessive valuations in the broader market will have to reverse at some point of time. But we don’t know when that will happen,” Vijayakumar said.

“The Q3 results of IT companies and the management commentary indicating improving prospects for the sector suggest that the sector is a safe bet now,” he added.