Indian benchmark indices opened lower on Friday, with the BSE Sensex falling over 540 points and the Nifty 50 slipping below 23,500 as losses in banking, IT and metal stocks weighed on market sentiment in early trade
Indian benchmark indices opened sharply lower on Friday, with the BSE Sensex dropping more than 540 points in early trade as selling pressure in banking, IT and metal stocks weighed on the market.
At 9:16 am, the 30-share Sensex was down 547.08 points, or 0.72 percent, at 75,487.34, after opening at 75,444.22 compared with its previous close of 76,034.42.
The broader Nifty 50 also declined, slipping 156 points, or 0.66 percent, to 23,483.15. The index opened at 23,462.50 against the previous close of 23,639.15, with market breadth clearly negative as 43 stocks declined and only seven advanced on the benchmark.
Banking, IT stocks lead losses
Heavyweight financial stocks were among the biggest drags on the market in early deals. Shares of HDFC Bank fell around 1.6 percent, while ICICI Bank, Kotak Mahindra Bank, and State Bank of India also traded lower.
Technology stocks extended declines, with Infosys, HCLTech, Tech Mahindra, and Tata Consultancy Services slipping between 0.6 percent and 1.1 percent.
Losses were also seen in infrastructure and capital goods stocks, with Larsen & Toubro declining more than 1.6 percent, while automobile major Mahindra & Mahindra dropped nearly 1.8 percent.
Limited gains in power, energy stocks
Only a handful of stocks managed to stay in positive territory. Power utilities Power Grid Corporation of India and NTPC posted modest gains, while Reliance Industries traded marginally higher.
Among the top gainers on the Nifty 50 were Coal India, Power Grid Corporation of India, and Bajaj Finance, though advances remained limited.
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