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.

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