Indian stock markets opened on a weak note on Friday, following negative global cues, with selling pressure observed in auto, IT, PSU banks, and metal stocks during early trade.
At 9:34 a.m., the BSE Sensex was down 840.82 points or 1.13%, trading at 73,771.61, while the Nifty 50 dropped 254.15 points or 1.13% to 22,290.90. The Nifty Bank index also declined, losing 439.75 points or 0.90% to settle at 48,304.05. Meanwhile, the Nifty Midcap 100 stood at 48,142, down 994.75 points or 0.12%, and the Nifty Smallcap 100 slipped 320.25 points or 2.11% to 14,836.35.
Market experts noted that the last three sessions have been uneventful for the benchmark indices, as reflected in small-bodied candlestick formations. The minimal price fluctuations indicate a persistent bearish sentiment, leading investors to adopt a cautious approach.
“Moving forward, one must remain vigilant about global developments, which are likely to set the initial tone for domestic markets. At the same time, investors should refrain from making aggressive bets until momentum returns,” said Sameet Chavan, Head of Research, Technical and Derivatives at Angel One.
Among the Sensex stocks, Reliance Industries, ITC, Sun Pharma, ICICI Bank, Hindustan Unilever, Axis Bank, and Asian Paints were the top losers in early trade.
The decline in Indian markets followed losses in US indices from the previous session. The Dow Jones closed 0.45% lower at 43,239.50, while the S&P 500 fell 1.59% to 5,861.57. The Nasdaq suffered a sharp drop of 2.78%, closing at 18,544.42.
Asian markets also mirrored the negative sentiment, with Seoul, China, Japan, Bangkok, Jakarta, and Hong Kong trading in the red.
Meanwhile, foreign institutional investors (FIIs) continued their selling spree for the sixth consecutive session, offloading equities worth ₹556.56 crore on February 27. In contrast, domestic institutional investors (DIIs) stepped in as net buyers, purchasing ₹1,727.11 crore worth of equities on the same day.
(With inputs from agencies)
from National https://ift.tt/ajQOx6s