Mumbai, August 7: The Indian stock market opened lower on Friday. At 9:28 AM, the Sensex fell by 267 points or 0.34%, standing at 78,686, while the Nifty dropped by 34 points or 0.14%, reaching 24,603.
Selling pressure was evident in financial stocks during early trading. The Nifty Financial Services index emerged as the top loser. Meanwhile, sectors like Nifty Private Bank, Nifty Media, Nifty PSU Bank, Nifty Services, Nifty Commodities, Nifty Pharma, and Nifty Infra showed positive movement. Conversely, Nifty IT, Nifty Auto, Nifty Realty, Nifty FMCG, Nifty Energy, Nifty India Defense, and Nifty Oil & Gas were in the red.
In the Sensex pack, TCS, Tech Mahindra, HCL Tech, Infosys, M&M, NTPC, BEL, Sun Pharma, SBI, L&T, Power Grid, Titan, and ITC were trading positively. On the downside, Bajaj Finance, Bajaj Finserv, Trent, ICICI Bank, Bharti Airtel, Eternal, and UltraTech Cement faced losses.
Midcap and small-cap stocks exhibited mixed performance. The Nifty Midcap 100 index gained 122 points or 0.19%, reaching 63,446, while the Nifty Smallcap 100 index fell by 38 points or 0.19%, settling at 19,839.
Experts noted, “The market is stabilizing and gradually moving upward. This trend is likely to continue in the near future, potentially leading to a breakout. Initial earnings reports have revealed key insights for investors, particularly that many companies in sectors like financials, automobiles, pharmaceuticals, and telecom have recorded double-digit growth in revenue and profits, boosting their stock prices. However, the IT sector is facing concerns regarding slow growth and the impact of AI. Additionally, the commodities market, including metals and oil, has shown mixed results.”
Most Asian markets also displayed mixed trading. Tokyo, Bangkok, and Seoul were in the red, while Shanghai, Hong Kong, and Jakarta were in the green. The US stock market closed lower on Thursday, with the Dow Jones down by 0.85% and the technology index Nasdaq flat with a 0.06% decline.
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ABs
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