Business

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.

Also Read: Lenovo Plans Full-Scale PC Manufacturing In India Within Three Years

Mankrit Kaur

Recent Posts

PM Modi Pays Tribute To Acharya Vidyanand Ji Maharaj On His Centenary Year

Prime Minister Narendra Modi launched the centenary celebrations of Acharya Vidyanand Ji Maharaj at Vigyan…

10 mins ago

Ram Temple In Ayodhya Draws Over 55 Million Devotees Since Consecration

Since the consecration of Lord Ram at the Ram Temple on January 22, 2024, Ayodhya…

11 mins ago

Over 70% Of Indian Startups Now Rely On AI For Core Business Functions: Meta Report

India’s startup ecosystem is witnessing a major shift, with over 70% of startups now integrating…

23 mins ago

India’s Economic Outlook Remains Positive Amid Global Headwinds: Finance Ministry

India’s economic outlook remains positive in the face of global turbulence, according to the Ministry…

26 mins ago

Govt’s Infrastructure Drive Spurs Manufacturing Confidence, Says Report

A Cushman & Wakefield report says 88% of Indian manufacturers made investment decisions influenced by…

38 mins ago

Agricultural Output Grew 54.6% Over 12 Years; Reveals NSO Report

The NSO has reported a 54.6% rise in the Gross Value of Output from agriculture…

49 mins ago