Indian stock markets opened sharply lower on Friday with the Sensex falling over 570 points and the Nifty slipping below 24,600. Persistent Middle East tensions, weak global cues and continued foreign fund outflows dampened investor sentiment despite gains in select IT stocks
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Amid the escalating global tensions, stock market benchmark indices Sensex and Nifty tumbled in early trade on Friday. The bear run in the stock market continues after a day's breather amid persistent geopolitical conflict in the Middle East and relentless foreign fund outflows.
As reported by PTI, weakness in US equities and a subdued trend in Asian markets also dampened sentiments.
Sensex tumbles 572 points in early trade
The 30-share BSE Sensex tumbled 572.43 points to 79,443.47 in early trade, whereas the 50-share NSE Nifty dropped 178.75 points to 24,587.15.
HCL remains the top gainer amid bear-run
From the Sensex pack, ICICI Bank, InterGlobe Aviation, Larsen & Toubro, HDFC Bank, UltraTech Cement and Tata Steel were among the major laggards.
HCL Technologies, Tech Mahindra, Infosys, Tata Consultancy Services and Bharat Electronics were among the gainers.
Along with the stock market, Brent crude, the global oil benchmark, dropped 1.17 per cent to USD 84.41 per barrel.
Global markets
Along with the Indian stock market indices, Asian markets and South Korea's Kospi also traded over 1 per cent lower. Japan's Nikkei 225, Shanghai's SSE Composite Index and Hong Kong's Hang Seng Index were quoting higher, as per PTI.
Expert opinions
Ponmudi R., CEO of Enrich Money, said, "Persistent geopolitical tensions in the Middle East continue to keep crude oil prices elevated, heightening concerns over renewed global inflationary pressures and the possibility of tighter monetary policy conditions ahead.
"As a result, global investor sentiment remains cautious, with market participants expected to maintain a measured and risk-averse stance in the near term," as per PTI.
FIIs continue to sell
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,752.52 crore on Thursday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 5,153.37 crore, according to exchange data.
On Thursday, the Sensex rebounded 899.71 points or 1.14 per cent to settle at 80,015.90, snapping its four-day decline. The Nifty climbed 285.40 points or 1.17 per cent to end at 24,765.90, ending its three-day falling streak.
(With inputs from PTI)
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