Stock markets update: Equity benchmark indices declined in early trade on Friday amid weak trends in Asian markets and unabated foreign fund outflows. In the early trade, the 30-share BSE Sensex fell 181.04 points to 79,762.67. Meanwhile, the Nifty also declined 56.55 points to 24,132.10.
After the opening bell, the Indian stock market displayed a mixed trend, with more than half the stocks trading lower. Losses were led by TCS, which dropped 0.71%, followed by ITC, Infosys, Asian Paints, and Kotak Mahindra Bank. On the other hand, gains were spearheaded by HCLTech, up 1.04%, along with SBI, Adani Ports & SEZ, Maruti Suzuki India, and Mahindra & Mahindra.
Major gainers and laggards
On the Nifty50 index, 27 out of 50 stocks traded in the green. ONGC led the gainers with a rise of 3.14%, followed by SBI, HCLTech, IndusInd Bank, and SI Life. Meanwhile, the biggest losers included Hero MotoCorp, which fell by 2.07%, followed by TCS, Infosys, Wipro, and Cipla.
Across sectors, IT saw the steepest decline of 0.47%, followed by pressure on the Healthcare, Pharma, Private Bank, and FMCG indices. The frontline Financial Services indices remained subdued. Conversely, the Media index emerged as the top gainer, surging 1.68%, followed by the PSU Bank index, which climbed 1.31%. Other sectoral gainers included Oil & Gas, Realty, Consumer Durables, Metal, and Auto indices.
In the broader markets, the Nifty Midcap 100 rose 0.36%, while the Nifty Smallcap 100 advanced 0.55%, reflecting a relatively better performance compared to large-cap indices.
Rupee against dollar
The rupee depreciated 3 paise to 85.78 against the US dollar in early trade on Friday, weighed down by the strength of the American currency in the overseas market and a muted trend in domestic equities. Forex traders said the US dollar gained against most currencies during 2024 and continued to remain on a strong footing this year.
Moreover, the market will keep its focus on Donald Trump's policies which could boost growth but could also increase price pressures and this would keep the US FED on a hold for longer on interest rate cuts. At the interbank foreign exchange, the rupee opened at 85.77 then fell further to 85.78 against the American currency, registering a decline of 3 paise over its previous close.
(With PTI inputs)
