Indian markets started Friday’s session in negative territory, with early selling pressure hitting IT and financial services stocks following renewed worries over US tariffs.
By 9:38 AM, the Sensex had dropped 272.30 points, or 0.34 per cent, to 80,350.96, while the Nifty was down 75.60 points, or 0.31 per cent, at 24,520.55.
Analysts said market conditions remain weak both technically and fundamentally. They noted that Nifty’s pattern of successive lower lows signals fragility, while corporate earnings forecasts for FY26 show little sign of a strong rebound.
“In the present context of negative sentiments in the market caused by the tariff skirmishes between India and the US, FIIs are likely to continue selling in the cash market. The only saving grace is the sustained DII buying, which remains strong,” stated Dr VK Vijayakumar, Chief Investment Strategist at Geojit Investments Ltd.
Nifty Bank slipped 124.90 points, or 0.22 per cent, to 55,396.25 in early trade.
The Nifty Midcap 100 fell 226.10 points, or 0.40 per cent, to 56,712.20, and the Nifty Smallcap 100 was down 62.85 points, or 0.36 per cent, at 17,629.80.
Choice Broking’s Technical & Derivative Analyst, Amruta Shinde, noted, “The Nifty opened on a weak note, falling nearly 225 points in early trade. However, it staged a strong recovery, rebounding over 250 points to end above the previous day’s close. The index formed a bullish candlestick pattern, reflecting renewed buying interest and momentum.”
She further added that holding above 24,650 could open the way for a rise toward 24,850, while immediate support lies at 24,550 and then 24,400, both levels offering potential entry points for long trades.
Top Gainers and Losers
In the Sensex basket, Bharti Airtel, Infosys, BEL, Eternal and Axis Bank were among the top laggards, while Titan, Bajaj Finance, Trent and Bajaj Finserv led the gainers.
On 7 August, FIIs offloaded shares worth nearly Rs 4,997.19 crore, whereas DIIs bought equities totalling Rs 10,864.04 crore.
Across Asia, China, Japan and Jakarta traded higher, while Bangkok, Seoul and Hong Kong were in the red.
Overnight in the US, the Dow Jones fell 224.48 points, or 0.51 per cent, to 43,968.64.
The S&P 500 eased 5.06 points, or 0.08 per cent, to 6,340, and the Nasdaq gained 73.27 points, or 0.35 per cent, to close at 21,242.70.
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