Indian shares opened lower on Friday amid rising Brent crude prices and global market weakness, with technology stocks providing some support while banking and consumer sectors declined amid cautious investor sentiment.
Indian shares opened lower on Friday after Brent crude climbed above $83 a barrel, adding to a weaker global mood already set by overnight losses on Wall Street and in Asia. The Sensex dropped 260 points to 78,692, while the Nifty 50 fell 33 points to 24,603 in early trade, according to Business Today. The combined market value of BSE-listed companies stood at Rs 493.40 lakh crore.
The selloff followed declines in U.S. equities on Thursday, when major benchmarks slipped as oil prices rose and investors digested another round of earnings reports, the Associated Press reported. In Asia, Japan’s Nikkei fell 626 points and Taiwan’s weighted index lost 133 points, underscoring the pressure across risk assets as energy markets tightened.
Technology shares helped limit the damage in Mumbai. TCS, Tech Mahindra, HCL Tech, Infosys and NTPC were among the day’s strongest Sensex gainers, rising as much as 2.36%. The BSE IT index climbed 441 points to 30,398 and provided some support to the benchmarks, even as banks and consumer names came under heavier selling.
Bajaj Finance, Bajaj Finserv, Trent, ICICI Bank, Bharti Airtel and Eternal were the main laggards, falling by as much as 4.53%. Rajesh Palviya, head of research at Axis Direct, told Business Today that the market remains cautious while the Nifty stays below 24,800. He said a decisive move above that level could open the way to 25,000, while support lies in the 24,500 to 24,400 zone. He also said traders will watch U.S. payroll data later in the day and any easing in crude prices for signs of renewed momentum.
On Thursday, Indian benchmarks had ended higher, helped by buying in Reliance Industries and softer crude, with the Sensex rising 373.76 points to 78,954.76 and the Nifty 50 closing at 24,636. That rebound now looks fragile as oil, global trade tensions and overseas market weakness continue to shape sentiment.
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