Markets Open Lower As Global Weakness Weighs On IT, PSU Bank, Pharma Stocks

Indian stock markets opened slightly lower on Friday, tracking weak global cues, with selling pressure seen in IT, PSU Bank, and pharma stocks.

By 9:30 AM, the Sensex was down 106.98 points or 0.14% at 74,233.11, while the Nifty slipped 16.25 points or 0.07% to 22,528.45.

Nifty Bank declined 127.10 points or 0.26% to 48,500.60.

Meanwhile, the Nifty Midcap 100 gained 50.30 points or 0.10% to trade at 49,398.40, and the Nifty Smallcap 100 rose 98.95 points or 0.64% to 15,499.30.

Analysts noted that Nifty could find support at 22,500, with further levels at 22,400 and 22,300, while resistance at 22,600, followed by 22,700 and 22,800.

On the global front, US President Donald Trump suspended the 25% tariffs imposed earlier this week on most Canadian and Mexican goods.

The unexpected reversal added to market volatility, heightening concerns over inflation and slowing economic growth.

Devarsh Vakil, Head of Prime Research at HDFC Securities, “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.”

Top Gainers & Losers In Markets

Among Sensex stocks, Adani Ports, Axis Bank, L&T, Bajaj Finserv, Tata Steel, IndusInd Bank, PowerGrid, Nestle India, Maruti Suzuki, and Bajaj Finance were the top gainers.

On the other hand, Infosys, Zomato, HCLTech, Tech Mahindra, and ICICI Bank were the biggest laggards.

In the latest trading session, the Dow Jones fell 0.99% to settle at 42,579.08, while the S&P 500 dropped 1.78% to 5,738.52. The Nasdaq recorded the steepest decline, losing 2.61% to close at 18,069.26.

In Asia, Japan and Seoul were trading lower, while markets in Bangkok, China, Jakarta, and Hong Kong were in positive territory.

Foreign institutional investors (FIIs) continued their selling spree on 6 March, offloading equities worth Rs 2,377.32 crore, whereas domestic institutional investors (DIIs) bought shares worth Rs 1,617.80 crore.

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