Domestic equity benchmark indices traded lower in early trade on Friday amid <a href="https://www.mid-day.com/business/business-news/article/crude-oil-prices-jump-over-2-per-cent-to-usd-96-amid-escalating-west-asia-tensions-23641186" target="_blank" rel="none noopener">rising crude oil prices</a> and offloading of some financial stocks.
During the initial trade, the 30-share BSE Sensex fell 388.72 points or 0.49 per cent to 78,566.04, while the 50-share NSE Nifty shed 60.15 points or 0.24 per cent to 24,575.85.
Generally, the Sensex and Nifty follow a linear path but after the implementation of the auction mechanism for shares having futures and options (F&amp;O) contracts, the benchmark indices have varied since Monday.
The Closing Auction Session (CAS) in the equity cash segment became operational on Monday, introducing a new auction-based mechanism for determining the closing prices of eligible stocks in a move aimed at making the price discovery process more transparent and robust, as per news agency PTI.
On Thursday, the Sensex gained 373.76 points, or 0.48 per cent, to settle at 78,954.76. The Nifty settled marginally higher by climbing 11.35 points, or 0.05 per cent, to end at 24,636.
<h2>Gainers and laggards</h2>
From the Sensex pack, IT stocks were the leaders in the morning trade with Tata Consultancy Services, Tech Mahindra, HCL Tech and Infosys gaining in the morning trade.
<a href="https://www.mid-day.com/business/business-news/article/bajaj-finance-shares-hit-52week-high-post-q1fy27-earnings-soar-7-per-cent-23642535" target="_blank" rel="none noopener">Bajaj Finance</a>, Bajaj Finserv, Trent, ICICI Bank, and Eternal were among the laggards.&nbsp;Bajaj Finance lost 4.71 per cent and Bajaj Finserv traded 3.66 per cent lower in the morning trade.
"The market is consolidating and slowing inching up. This trend is likely to continue in the near-term preparing for an eventual breakout on the upside," VK Vijayakumar, Chief Investment Strategist, Geojit Investments said.
"Most companies in sectors like financials, automobiles, pharmaceuticals and telecom have delivered double digit revenue and profit growth rates. This has imparted resilience to their stock prices," he added.
<h2>Global cues</h2>
According to news agency PTI, Brent crude, the global oil benchmark, traded 1.16 per cent higher at USD 83.45 per barrel, and in Asian markets, <a href="https://www.mid-day.com/business/business-news/article/south-korea-bourse-operator-issues-circuit-breaker-for-kospi-23642183" target="_blank" rel="none noopener">South Korea's KOSPI</a> and Japan's Nikkei 225 index traded lower, while Hong Kong's Hang Seng index quoted higher.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 17.86 crore on Thursday, as per PTI.
"Asian markets are trading subdued this morning, with Japanese equities extending their technology-led decline. Brent crude has climbed above USD 83 per barrel following fresh geopolitical tensions near the Strait of Hormuz, posing a potential risk for India as a major crude importer," Rajesh Palviya, Head of Research, Axis Direct said.
(With inputs from PTI)

During the initial trade, Sensex slumped 388.72 points or 0.49 per cent to 78,566.04, while the Nifty slipped 60.15 points or 0.24 per cent to 24,575.85

Sensex loses nearly 390 points amid rising crude oil prices

Closing Auction Session system to enhance robustness of price discovery mechanism: SEBI

During the initial trade, the 30-share BSE Sensex fell 388.72 points or 0.49 per cent to 78,566.04, while the 50-share NSE Nifty shed 60.15 points or 0.24 per cent to 24,575.85

Stock market update: Sensex, Nifty trade lower amid rising crude oil prices

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