Business

Sensex, Nifty Open Lower As Auto, IT, & Metal Stocks Decline

On Friday, the Indian benchmark indices opened significantly lower, influenced by weak global cues, with selling pressure observed in the auto, IT, PSU bank, and metal sectors during early trade.

At 9:34 AM, the Sensex was down 840.82 points or 1.13% at 73,771.61, while the Nifty declined 254.15 points or 1.13% to 22,290.90.

The Nifty Bank index dropped 439.75 points or 0.90% to 48,304.05.

The Nifty Midcap 100 index fell 994.75 points or 0.12% to 48,142, while the Nifty Smallcap 100 index declined 320.25 points or 2.11% to 14,836.35.

Experts note that the benchmark index has shown little movement over the past three sessions, as reflected in the small-bodied candlestick formations. The limited price fluctuations indicate ongoing bearish sentiment, leading market participants to remain cautious.

Sameet Chavan, Head Research, Technical and Derivative, Angel One stated, “Moving forward, one must remain vigilant with global developments, which are likely to act as catalysts in setting the initial tone for domestic markets. At the same time, one should refrain from making aggressive bets until momentum returns to the market.”

In the Sensex pack, the top losers included Reliance, ITC, Sun Pharma, ICICI Bank, Hindustan Unilever, Axis Bank, and Asian Paints.

In the previous trading session, the Dow Jones fell 0.45% to 43,239.50, the S&P 500 declined 1.59% to 5,861.57, and the Nasdaq dropped 2.78% to 18,544.42.

Asian markets were also trading lower, with indices in Seoul, China, Japan, Bangkok, Jakarta, and Hong Kong in the red.

Foreign institutional investors (FIIs) continued their selling spree for the sixth consecutive day, offloading equities worth Rs 556.56 crore on 27 February.

However, domestic institutional investors (DIIs) purchased equities worth Rs 1,727.11 crore on the same day.

Also Read: Schneider Electric Expands India Operations With Rs 3,200 Crore Investment

Mankrit Kaur

Recent Posts

JP Nadda Slams Rahul Gandhi’s ‘Match-Fixing’ Claims As ‘Desperation Of Losing’ Polls

Rahul Gandhi's opinion piece appeared in a national daily and sparked political uproar. Opposition parties…

6 hours ago

Poverty In India Reduced Via Tangible Boost In Household Living Standards, Incomes

In 2022–23, poverty under the revised $3.00 line stood at just 5.25 per cent in…

6 hours ago

Chhattisgarh: Seven Maoists Killed In Indravati National Park Operation

Five Maoists were killed in two separate encounters with security forces in Chhattisgarh’s Bijapur district,…

7 hours ago

Carney Invites Modi To G7 Summit, Highlights India’s Global Supply Chain Role

Canadian Prime Minister Mark Carney said the most populous country, with the fifth-largest economy, must…

7 hours ago

RBI Frontloads Rate Cuts To Boost Growth Amid Low Inflation: Crisil

The Reserve Bank of India (RBI) has frontloaded its rate cuts to support economic growth,…

8 hours ago

PM Modi Urges Global Action On Coastal Resilience At Nice Summit

PM Narendra Modi on Saturday called for urgent global action to build infrastructure that can…

8 hours ago