Mumbai, Oct 3 (NationPress) The Indian benchmark indices commenced the trading day with slight declines on Friday, primarily due to ongoing FII selling, even in the face of encouraging global cues and optimism in the market following the Reserve Bank of India's dovish pause.

At 9:20 am, the Sensex registered a drop of 191 points, equating to a decrease of 0.24 percent, settling at 80,792. Meanwhile, the Nifty saw a decline of 56 points, or 0.23 percent, landing at 24,780.

The broader market indices, Nifty Midcap 100 and Nifty Smallcap 100, experienced modest gains, rising by 0.22 percent and 0.14 percent, respectively. Significant gainers within the Nifty pack included Tata Steel, Axis Bank, Kotak Mahindra Bank, Tata Motors, and Asian Paints, while Max Healthcare, Bajaj Finance, Shriram Finance, and ICICI Bank were among the top losers.

In terms of sector performance, the Nifty Metal index emerged as the leading gainer, climbing by 0.89 percent. Other notable gainers included Nifty PSU Bank (up 0.59 percent) and Nifty Pharma (up 0.30 percent). On the flip side, Nifty Media and Nifty FMCG were the biggest losers, dropping by 0.65 percent and 0.45 percent, respectively.

From a technical standpoint, analysts indicated that if the Nifty sustains a move above 24,900, it could set the stage for a rally towards 25,000 and 25,150. Immediate support levels are identified at 24,750 and 24,600, which may serve as potential entry points for long trades.

In the previous trading session, US markets closed positively, with the Nasdaq gaining 0.39 percent, the S&P 500 increasing by 0.06 percent, and the Dow rising by 0.17 percent.

In the Asia-Pacific region, markets generally experienced upward movement on Friday, buoyed by Wall Street's gains, despite the ongoing US government shutdown. Investors are closely monitoring the potential duration of the shutdown to gauge its economic implications.

The Shanghai index in China rose by 0.52 percent, while the Shenzhen index climbed by 0.35 percent. Japan's Nikkei surged by 1.44 percent, although Hong Kong's Hang Seng Index fell by 0.84 percent. South Korea's Kospi saw a significant increase of 2.70 percent.

Analysts noted that the central bank's proactive measures aimed at stimulating credit growth could positively influence market momentum, particularly in the Bank Nifty. However, the persistent selling trend by FIIs may hinder this upward momentum.

It is anticipated that FIIs will continue accelerated selling, given the current market structure allows for aggressive divestments. Strong buying activity from DIIs could provide some stability in the market, especially for large-cap auto stocks that currently display robust fundamental support.

During the last trading session on Wednesday, foreign institutional investors (FIIs) sold equities worth Rs 1,605 crore, while domestic institutional investors (DIIs) were net purchasers of equities worth Rs 2,916 crore.