Mumbai, Apr 24 (BNP): Domestic equity markets opened on a weaker note on Friday, tracking heightened global uncertainties and a mixed start to the Q4 earnings season, with selling pressure seen across key sectors.
The Sensex declined around 400 points, or 0.51%, to trade near 77,263 in early deals, while the Nifty slipped about 100 points, or 0.41%. Broad-based weakness was observed in IT, financial services, and pharma stocks, while select buying in FMCG and chemicals offered limited support.
Heavyweights such as Cipla, Infosys, Dr. Reddy’s Laboratories, Sun Pharmaceutical Industries, Tata Consultancy Services, and ICICI Bank were among the top losers, dragging key indices lower.
Sectorally, the Nifty IT index fell over 1.5%, reflecting pressure on technology stocks amid global risk-off sentiment. Banking and pharma indices also ended in the red, while broader market sentiment remained cautious.
Market experts said volatility is likely to persist in the near term due to geopolitical tensions, crude oil price movements, and ongoing earnings announcements. They advised investors to remain selective and focus on fundamentally strong stocks during market corrections.
Analysts further noted that a sustained uptrend in the Nifty would require a decisive move above the 24,500 level, which could signal improved market sentiment and renewed bullish momentum.
On the global front, crude oil prices remained firm, with Brent trading near $107 per barrel and WTI around $97.6, adding to inflation and margin concerns for markets worldwide.
Asian markets showed a mixed trend, with Nikkei posting gains while Hang Seng and KOSPI traded in the red, reflecting uneven regional sentiment.
Meanwhile, foreign institutional investors (FIIs) continued their selling streak for the fourth straight session, offloading equities worth ₹3,254 crore. Domestic institutional investors (DIIs), however, provided some support by purchasing shares worth ₹941 crore, helping to cushion broader losses.
Overall, markets remained sensitive to global cues, with investors closely tracking geopolitical developments and commodity price trends for near-term direction.
