Sensex, Nifty Fall In Early Trade Amid Weak Global Cues; IT Stocks Buck Trend

Domestic equity benchmark indices traded lower in early deals on Friday, tracking a sharp sell-off across US and Asian markets amid concerns over global economic conditions and technology sector valuations.

The BSE Sensex declined 0.37 per cent, or nearly 300 points, to 79,016.05 in early trade. Meanwhile, the NSE Nifty fell 0.60 per cent, shedding 148.55 points to reach 24,388.05 and touch an intraday low.

Sectoral indices largely remained under pressure, with Nifty Metal leading the losses after falling 2 per cent. Nifty Realty followed with a decline of 1.56 per cent. Nifty Chemicals, Oil and Gas, Consumer Durables, PSU Bank, FMCG and Auto also traded lower, losing up to 1.34 per cent.

However, Nifty IT bucked the broader market trend, gaining nearly 2 per cent. Nifty MidSmall IT and Telecom, Private Bank and Media indices also traded in positive territory.

Market experts said the sharp correction in US markets could weigh on global equities, although Indian markets were expected to remain relatively resilient.

The 5.6 per cent decline in the Nasdaq was triggered by concerns over a potential slowdown in data centre spending. Experts noted that the correction in technology stocks, particularly the slowdown in the artificial intelligence trade, could benefit Indian markets.

FIIs bought equities worth Rs 35,781 crore over the past five sessions, including Rs 14,974 crore on Thursday. In contrast, DIIs sold shares worth Rs 10,444 crore.

Analysts attributed the market rally to strong earnings growth and attractive large-cap valuations.

Meanwhile, Brent crude rose 2 per cent to $100.31 per barrel, while WTI gained over 1 per cent to $91.91.

Investors will track global cues, institutional flows and crude oil prices for further direction.

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