Indian Stock Market Opens Lower, Sensex Above 74,200
At around 9:30 AM, the Sensex was trading 106.98 points or 0.14% lower at 74,233.11, while the Nifty declined by 16.25 points or 0.07%, standing at 22,528.45.
Mumbai: The Indian benchmark indices opened marginally lower on Friday amid weak global cues, with selling seen in the IT, PSU Bank, and pharma sectors during early trade.
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At around 9:30 AM, the Sensex was trading 106.98 points or 0.14% lower at 74,233.11, while the Nifty declined by 16.25 points or 0.07%, standing at 22,528.45.
Sector Performance
The Nifty Bank index was down by 127.10 points or 0.26% at 48,500.60. Meanwhile, the Nifty Midcap 100 index was trading at 49,398.40, gaining 50.30 points or 0.10%. The Nifty Smallcap 100 index rose 98.95 points or 0.64%, reaching 15,499.30.
Market watchers believe that after the negative opening, the Nifty may find support at 22,500, followed by 22,400 and 22,300. On the higher side, 22,600 could serve as immediate resistance, followed by 22,700 and 22,800.
Global Influences
US President Donald Trump recently suspended the 25% tariffs imposed on most goods from Canada and Mexico. This decision is part of a fluctuating trade policy that has caused market volatility and raised concerns over inflation and economic slowdown.
Devarsh Vakil, Head of Prime Research at HDFC Securities, stated, “Traders should prepare for larger swings across different asset classes during what might be a period of significant market shifts. Indian markets are poised to open lower on Trump’s tariffs, fuelling uncertainties.”
Also Read: Indian Stock Market Opens Flat, Sensex Above 73,600
Top Gainers and Losers in the Sensex Pack
Among the top gainers in the Sensex pack were Adani Ports, Axis Bank, L&T, Bajaj Finserv, Tata Steel, IndusInd Bank, PowerGrid, Nestle India, Maruti Suzuki, and Bajaj Finance. On the other hand, Infosys, Zomato, HCLTech, Tech Mahindra, and ICICI Bank were the top losers.
Global Market Trends
In the last trading session, the Dow Jones declined by 0.99%, closing at 42,579.08. The S&P 500 dropped 1.78% to 5,738.52, while the Nasdaq declined by 2.61%, closing at 18,069.26.
In the Asian markets, Japan and Seoul were trading in the red, while Bangkok, China, Jakarta, and Hong Kong were in the green.
Foreign and Domestic Institutional Activity
Foreign institutional investors (FIIs) continued their selling on March 6, offloading equities worth Rs 2,377.32 crore. However, domestic institutional investors (DIIs) bought equities worth Rs 1,617.80 crore on the same day.
