Sensex, Nifty fall in early trade
Benchmark indices Sensex and Nifty fell in early trade on Friday amid volatility and mixed trends in global markets.
The 30-share BSE Sensex opened on a negative note and slipped 62.90 points, or 0.08 per cent, to 81,548.51 in early trade.
Showing a similar trend, the broader Nifty fell 64.1 points to 24,934.35.
From the 30 Sensex pack, Bharti Airtel, Bajaj Finance, Bajaj Finserv, Asian Paints, Power Grid, Mahindra & Mahindra, Tata Consultancy Services, ICICI Bank, and Kotak Mahindra Bank were among the laggards.
Tata Steel, HCL Technologies, JSW Steel, Sun Pharmaceuticals, Tata Motors, Titan, Tech Mahindra, and State Bank of India were among the gainers.
“Market is likely to remain volatile in the near-term alternating between FII selling and DII buying. Attractive valuations in other markets, particularly in Chinese stocks, will facilitate further selling by FIIs in India since Indian valuations are elevated,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
Concerns of earnings downgrades in H2 FY25 render Indian valuations difficult to sustain.
In Asian markets, Tokyo, Hong Kong, and Seoul were trading higher whereas Shanghai quoting in the negative territory.
US markets ended lower in overnight deals on Thursday.
Global oil benchmark Brent Crude decreased 0.33 per cent to $79.14 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹4,926.61 crore on Thursday, while Domestic Institutional Investors (DIIs) bought equities worth ₹3,878.33 crore, according to exchange data.
“Lot of stock-specific action can be expected in the coming days in response to the second quarter results. Banking and IT are likely to post reasonably good results,” Vijayakumar said.
On Thursday, the 30-share BSE Sensex rose 144.31 points to settle at 81,611.41, while the NSE Nifty climbed 16.50 points to close at 24,998.45.