Nifty, Sensex open lower amid weak global sentiments, investors cautious ahead of GDP data release

MUMBAI: The share markets in the country opened under pressure with a marginal decline on Friday amid weakness in global markets, while investors remained cautious ahead of the GDP data scheduled to be released later in the day. The Nifty 50 index opened at 25,459.85, declining by -36.70 points or (-0.14 per cent) while the BSE Sensex opened at 82,220.48, down by -28.13 points, or -0.03 per cent.

Market experts said global cues are currently dominating domestic sentiment. Ajay Bagga, a banking and market expert, said, “Indian markets are set to open lower. Global cues are dominating Indian markets, with IT being the worst performer, followed by the IT-dependent real estate sector. FPIs have been net buyers in February, which is a positive. India will see the release of the quarterly GDP number this evening”.

“US markets were weak despite strong results and guidance from Nvidia as technology shares saw resumed selling. Geopolitical tensions remain elevated even as the US-Iran dialogue continued in Geneva. Asian markets are down this morning on the back of the US weakness”, he added.

In the broader markets, almost all major indices on the NSE were under pressure. The Nifty 100 declined by 0.4 per cent, the Nifty Midcap 100 lost 0.47 per cent, and the Nifty Smallcap 100 was down by 0.43 per cent.

Among sectoral indices on the NSE, except Nifty IT, which surged by 1.66 per cent, all other sectoral indices were trading in the red. Nifty Auto declined by 0.65 per cent, Nifty FMCG fell by 0.54 per cent, Nifty Media lost 0.15 per cent, and Nifty Metal was down by 0.66 per cent.

In commodities, gold prices were trading almost flat at Rs 1,60,068 per 10 grams for 24 karat at the time of filing this report. Silver prices, however, surged to Rs 2,66,337 per kg.

In other Asian markets on Friday, selling pressure was visible across most major indices. Hong Kong’s Hang Seng index was down by 1.46 per cent to 26382. South Korea’s Kospi index declined by 0.87 per cent to 6256. Taiwan’s market remained closed for a holiday. However, Japan’s Nikkei 225 index gained 0.29 per cent to 58753, while Singapore’s Straits Times index rose by 0.33 per cent to 4980.

In the US markets on Thursday, the Dow Jones index closed almost flat at 49,499.20. The S&P 500 declined by 0.54 per cent to close at the 6908 level, while the Nasdaq fell more than 1.2 per cent or 279 points to close at 22872.35. (ANI)