Indian equity benchmarks opened almost flat on Friday amid weak global cues and elevated crude oil prices, while IT stocks bucked the broader market trend with gains of more than 1%.
The BSE Sensex opened at 74,199.69, gaining 48.65 points or 0.07%, while the NSE Nifty rose 27.75 points or 0.12% to open at 22,964.50.
Sectoral indices largely traded in the red during early deals. Nifty Consumer Durables and Nifty Cement led the losses, declining nearly 1% each. Nifty Metal and MidSmall Financial Services fell more than 0.5%.
FMCG, PSU banks, media, energy, real estate and chemicals indices also recorded losses. In contrast, Nifty IT gained over 1%, while pharmaceutical and healthcare stocks also traded higher.
The cautious opening followed overnight losses in US technology stocks as investors assessed heavy artificial intelligence-related spending and mixed corporate earnings. Rising crude oil prices also weighed on market sentiment.
Market experts said Brent crude’s rise above $117 per barrel had intensified concerns over the impact of higher oil prices. They also pointed to reports suggesting that the US could resume strikes against Iran after the November 3 mid-term elections.
They added that foreign institutional investor (FII) selling had weakened, with occasional buying in recent sessions, but the overall market environment remained unfavourable for a sustained rally.
On Thursday, FIIs sold shares worth Rs 943 crore, while DIIs bought Rs 1,924 crore.
Asian markets declined as technology stocks extended losses following weak US corporate earnings. US markets also closed lower amid concerns over Big Tech’s AI spending and inflation.
Brent crude rose over 1% to $113.96 per barrel, while WTI gained more than 1% to $104.99.
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