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Indian equity benchmarks fell sharply on Friday, with the Sensex dropping over 450 points below 82,000 and the Nifty slipping under 25,350. Selling pressure weighed on heavyweights including Bharti Airtel and IndiGo, while IT stocks showed mild recovery.
Dalal Street Under Pressure Amid Mixed Global Cues
Mumbai: The Indian stock market opened weak on Friday, with selling pressure increasing as the day progressed. The BSE Sensex fell over 450 points to below 82,000, while the Nifty 50 also traded below the 25,350 level. The market opened in the red in early trade, and investors remained cautious.
Telecom and aviation stocks came under pressure in today's trading. Shares of Bharti Airtel and IndiGo (InterGlobe Aviation) saw significant declines, impacting major indices. However, the IT sector saw a slight recovery, and some tech stocks tried to support the falling market.
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Market experts believe that the domestic market may remain range-bound amid global uncertainty and volatility. According to Siddharth Khemka of Motilal Oswal Financial Services, investors should focus on domestic demand-driven sectors amid the current global volatility. He cited relatively better demand signals in PSU banks, auto, healthcare, metals, and capital goods sectors.
International markets also received mixed signals. S&P 500 futures fell 0.4%. Japan's Topix rose 0.4%, while Australia's S&P/ASX 200 remained nearly flat. Hong Kong's Hang Seng Index traded with a gain of 0.7%, while Shanghai Composite and Europe's Euro Stoxx 50 futures remained nearly flat.
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Experts say that in the current scenario, investors should adopt a selective investment strategy rather than panicking. Domestic economic indicators, improving demand, and policy decisions will determine the market's future direction. Market volatility is likely to continue, so long-term investors should keep an eye on stocks with strong fundamentals.