Indian equity markets signalled another weak start on Friday, with benchmark indices trading lower in the pre-open session as investors remained cautious amid elevated crude oil prices, geopolitical tensions in West Asia and persistent foreign fund outflows.
The BSE Sensex started the session near 75,450, plummeting close to 600 points, while the NSE Nifty50 rang the opening bell above 23,450, tanking more than 150 points, around 9:15 AM.
Iran’s newly appointed Supreme Leader, Mojtaba Khamenei, said that the Strait of Hormuz closure will continue to put pressure on enemy forces in what was his first public statement. This further elevated concerns among investors about the future of the ongoing conflict between US-Israel and Iran.
At around 9:06 AM in the pre-open session on Friday, the Sensex was quoted at 75,457.72, down 576.70 points or 0.76 per cent. The Nifty50 stood at 23,467.35, lower by 171.80 points or 0.73 per cent, indicating a subdued opening for domestic benchmarks.
The weak early cues come after a sharp sell-off in the previous trading session, when rising crude oil prices and negative global trends weighed heavily on investor sentiment.
Broader Markets
On the Sensex, NTPC, PowerGrid, ITC, Sun Pharma, and Reliance emerged among the only gainers in the session. On the other hand, the laggards were dominated by Tata Steel, UltraTech Cement, L&T, IndiGo, and Tech M.
In the broader markets, the Nifty Bank index led with a loss of 1.10 per cent. Sectorally, the Metal and Media indices dominated in red and plunged 1.60 per cent and 1.25 per cent respectively. The Oil & Gas index was the only gainer with a marginal rise of 0.06 per cent.
Sensex, Nifty End Thursday With Sharp Losses
Benchmark indices ended Thursday’s session with deep cuts following a volatile day of trade. The 30-share Sensex dropped 829.29 points, or 1.08 per cent, to settle at 76,034.42. During the session, the index plunged as much as 992.53 points, or 1.29 per cent, to hit an intraday low of 75,871.18.
The NSE Nifty also closed lower, falling 227.70 points, or 0.95 per cent, to finish at 23,639.15.
Market breadth remained negative on the BSE, with 2,516 stocks declining, while 1,713 advanced and 175 remained unchanged.
Investor sentiment remained fragile as geopolitical tensions in the Middle East intensified, pushing global crude oil prices sharply higher and raising concerns over inflation and supply disruptions.
Inflation Data
Fresh macroeconomic data also remained on investors’ radar. Retail inflation in India rose to 3.21 per cent in February, up from 2.74 per cent in the previous month, according to the Consumer Price Index (CPI) data released on Thursday.
