Stock markets update: A day after hitting a record high, the equity benchmark indices opened in red on Friday amid weak global cues. In the early trade, the 30-share BSE Sensex declined 598 points to 81,275.46 Meanwhile, the Nifty was also down by 191 points to 24,818. This decline comes just a day after the indices hit record highs, signalling a cautious sentiment among investors. Concerns over global economic conditions, coupled with profit-booking in key sectors, are said to have contributed to the downward trend.
In the Nifty 50 list, TATA Steel, JSW Steel, TECH Mahindra, BPCL, and Power Grid emerged as the top losers during the opening. The top gainers during the opening included Apollo Hospital, Hindustan UNILVR, DR Reddy, NESTLE India, and TATA Consumers with a marginal gain of less than 1 per cent. In the broad market indices on the National Stock Exchange, Nifty VIX surged, leading to a fall in all indices, including Nifty Next 50, Nifty Small Cap, and Nifty Midcap.
In the sectoral indices, except Nifty FMCG, all other sector indices faced selling pressure and opened with a decline. Titan Company, Hindustan Zinc, Britannia Industries, GlaxoSmithKline Pharmaceuticals, LIC Housing Finance, Delhivery, and Edelweiss Financial Services are some of the companies set to announce their quarterly results on Friday.
Rupee against dollar
Meanwhile, the rupee turned flat at 83.73 against the US currency on Friday amid weak equity markets and an upward movement in crude oil prices overseas. According to forex traders, the Indian currency found support due to softening the dollar against major rivals following the US Federal Reserve's decision to maintain the status quo on interest rates and some inflow of foreign capital into Indian equities. At the interbank currency exchange, the domestic currency opened at 83.74 and inched up to trade at 83.73 against the dollar, the previous day's closing level.
(With inputs from agencies)
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