Indian stock markets opened sharply lower on Friday, with Sensex falling over 400 points and Nifty50 slipping below 24,650. ICICI Bank and IndiGo were major drags, while Bank Nifty and midcap indices also declined. Broader markets showed mixed trends, with some smallcap gains.
Sensex Drops Over 400 Points, Nifty Below 24,650 in Early Trade
Mumbai: The Indian stock market opened with a decline on Friday. Both the Sensex and Nifty indexes traded in the red in early trade. Weak global cues and selling in banking stocks weighed on investor sentiment. Banking and aviation stocks in particular saw declines, negatively impacting the market.
By 10 AM, the Nifty50 was trading down 119.35 points, or 0.48 percent, at 24,646.55. The BSE Sensex fell 431.98 points, or 0.54 percent, to 79,583.92. Selling pressure intensified shortly after market opening, causing both indexes to slide. Investors are currently cautious and avoiding large trades.
ICICI Bank's stock proved to be the Nifty's biggest drag on Friday's trading. The bank's stock fell by about 2.75 percent, reaching around ₹1,320. This weakness in the banking sector directly impacted the overall market, accelerating the Nifty's decline.
Along with the main indices, sectoral and broader market indices also showed weakness. Bank Nifty fell 494 points, or 0.84 percent, to open at 58,562. The Nifty Midcap 100 index fell 160 points, or 0.28 percent, to 57,633. This clearly indicates that selling pressure persists not only in large-cap stocks but also in mid-cap stocks.
The broader market, however, witnessed a slightly mixed trend. The Nifty Midcap 100 was trading down by about 0.23 percent, while the Nifty Smallcap 100 index saw a slight increase, trading up about 0.03 percent. This indicates that some investors remain interested in smaller stocks.
Experts believe that the market is under pressure due to weak signals from global markets and selling in some large-cap stocks. Investors are currently monitoring upcoming economic data and global developments. If buying returns in the banking and IT sectors, the market may see a rebound. For now, volatility is expected to continue.
