Nifty IT

The index will serve as a benchmark for asset managers and a reference index for passive funds such as ETFs, index funds, and structured products, according to the release.

The major trend of the market remains intact-to-positive till it holds the formation of higher lows on a monthly scale. After hitting a new peak at 23,110 on Monday, the index consistently fell and ended in red each day throughout the week, hitting a low below the 22,500 mark on Thursday.

On the daily chart, the Nifty has bounced back from close to the 50-day SMA after four sessions of losses. Chartists said that the 14-day RSI at 50.33 is falling and remains below its 9-day EMA, indicating that the momentum is weakening.

Indian benchmark equity indices opened higher on Friday. Investors await exit polls post-elections and GDP data release. India's fourth-domestic quarter GDP data is due later in the day.

Tech View: "The recent decline has disrupted the positive momentum, with Nifty falling below its crucial short-term moving average, the 20 DEMA. A decisive break of the 22,400 level could trigger a further drop to the 22,000-22,150 zone. We suggest aligning trades accordingly and adopting a hedged approach," Ajit Mishra, Senior Vice President, Research at Religare Broking.

Analysts said foreign fund managers have predominantly rolled over bearish positions to June, while domestic traders remained bullish though the benchmark indices extended losses to the fifth straight trading session.

IT giant Infosys declared a dividend of Rs 20/share along with a special dividend of Rs 20 per share. The record date for the same is May 31. The company's board meeting is also scheduled for today

Nifty declined 216.05 points 1% at 22,488.65 on Thursday, led by strong selling pressure in most sectors. It has now reached the support cluster of 22,460–22,500, where support parameters in the form of the 20-day moving average and the 50% Fibonacci retracement level are placed.