Sensex falls 200 points amid weak global cues; Nifty below 19,650
US Federal Reserve, Indian equity indices opened lower on Friday, dragged by banking and financial stocks. The BSE Sensex was trading 211 points or 0.32% lower at 66,055. Nifty50 was trading at 19,619, down 41 points or 0.21% at around 9.24 am.
From the Sensex pack, Axis Bank, NTPC, Sun Pharma, TCS, HDFC Bank, and Tech Mahindra opened with cuts, while Bajaj Finance, M&M, ITC, Wipro, Infosys, and HUL opened with gains. Among individual stocks, JK Lakshmi Cement opened 4% lower after the company reported a 29% fall in profit in the first quarter of FY24 on higher costs. Bharat Electronics (BEL) shares opened over 3% higher after the firm posted a 23% rise in net profit to Rs 531 crore in Q1 FY24.
On the sectoral front, Nifty Financial Services declined 0.69% and Nifty Bank fell 0.54%. Whereas, FMCG, media, pharma, realty, consumer durables, and healthcare sectors opened with gains. In the broader market, Nifty Midcap 100 opened flat, while Nifty Smallcap 100 gained 0.18%.Experts View «The market is delicately poised with strong headwinds and some tailwinds.
The headwinds come from the US 10-year yield rising sharply to 4%, the dollar index rising to 101.7, Brent crude rising above $83 and FPIs selling stocks for Rs 3979 crores in the cash market yesterday. While these strong headwinds can impact the market, support can come from the strong US 2nd quarter GDP number of 2.4%,» said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. «Since the ongoing global rally, led by the mother market US, is primarily driven by the US soft landing narrative, this data can provide some support when the market turns weak,» he added.
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