Business

Indian Stock Markets Open Lower Amid Global Weakness

Indian stock markets experienced a sluggish start on Friday, influenced by negative sentiments from global markets.

At 9:23 AM, the BSE Sensex dropped by 587 points, or 0.72%, to 81,280, while the NSE Nifty fell by 185 points, or 0.74%, to 24,825.

Broader markets also faced selling pressure.

The Nifty Midcap index declined by 297 points, or 0.51%, to 58,193, and the Nifty Smallcap 100 index decreased by 94 points, or 0.49%, to 18,855.

On the National Stock Exchange, 570 stocks were trading in the green, while 1,545 were in the red.

In the Sensex pack, HUL, Sun Pharma, HDFC Bank, ITC, Nestle, and Asian Paints emerged as the top gainers. Conversely, Tata Motors, Maruti Suzuki, Tata Steel, JSW Steel, and L&T were among the top losers.

Sectoral indices reflected mixed performances, with the Auto, IT, PSU Bank, and Financial Services sectors dragging the market down, while the Pharma and FMCG sectors posted gains.

Deven Mehata, a Research Analyst at Choice Broking, commented, “Following a gap-down opening, Nifty could find support at 24,800, 24,750, and 24,700 levels. On the upside, immediate resistance is seen at 25,000, followed by 25,050 and 25,100.”

Asian markets mirrored the bearish trend, trading predominantly in the red, while US markets closed lower in the previous session.

Market analysts attributed the downturn to fears of a recession in the US, exacerbated by a sharp decline in the ISM Manufacturing Index to 46.6.

Despite the overall negative trend, foreign institutional investors (FIIs) remained net buyers, purchasing equities worth Rs 2,089 crore on 1 August.

In contrast, domestic institutional investors (DIIs) sold equities amounting to Rs 337 crore on the same day.

Also Read: APSEZ Reports Record Profits & Expands Global Footprint

Mankrit Kaur

Recent Posts

Delhi High Court Stays Appointment Of Anilkumar Prabhakaran As AIFF General Secretary

The Delhi High Court has stayed the appointment of Anilkumar Prabhakaran as the General Secretary…

13 mins ago

MCOCA Case: Delhi High Court To Hear Naresh Baliyan’s Bail Plea On April 9

The Delhi High Court will hear the bail plea of former AAP MLA Naresh Baliyan…

27 mins ago

SC Upholds Rajasthan’s Electricity Regulations; Dismissing Power Companies Plea

The Supreme Court has granted a major relief to the Rajasthan government by upholding the…

13 hours ago

SC Expresses Concern Over Rising Trend Of False Rape Cases On Marriage Promises

The Supreme Court has expressed concern over the rising tendency to register rape cases based…

13 hours ago

Adani Ports Mundra Sets National Record With Historic 200 MMT Cargo Handling Milestone

Adani Ports & Special Economic Zone set a national record by handling 450 MMT of…

13 hours ago

SC Seeks Response On Vikas Yadav’s Bail Plea In Nitish Katara Murder Case

SC issues notice to UP govt, Neelam Katara on Vikas Yadav’s interim bail plea in…

14 hours ago