Domestic equity benchmark indices–Sensex and Nifty– traded lower in early trade on Friday, dragged down by a decline in financial stocks and an uptick in crude oil prices. The 30-share BSE index ‘Sensex’ declined 235.36 points to 78,699.80 in early trade, while the 50-share NSE Nifty dipped 24.30 points to 24,608.25.
Top Gainers And Losers
Bajaj Finance, Bajaj Finserv, Trent, ICICI Bank, Bharti Airtel and Eternal were among the major losers from the Sensex basket. On the other hand, Tata Consultancy Services, Tech Mahindra, HCL Tech and Infosys were among the winners.
Crude Prices Rise
Brent crude, the global oil benchmark, traded 1.16 per cent higher at USD 83.45 per barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 17.86 crore on Thursday, according to exchange data.
"Overnight, Wall Street retreated after recent record highs as investors reduced exposure to risk assets amid renewed concerns over energy prices and geopolitical uncertainty. The rise in crude oil prices followed growing doubts over the pace and outcome of diplomatic negotiations involving Iran and the Strait of Hormuz, reviving concerns that disruptions to one of the world''s most critical energy corridors could persist for longer than previously anticipated," Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, a Research Analyst firm, said.
The stock market has shown mixed performance since Monday, largely due to the implementation of a new "Closing Auction Session" (CAS). This new mechanism was introduced to make the price discovery process for F&O-eligible stocks more transparent and robust.
Meanwhile, global sentiment remains mixed, with markets in South Korea and Japan trading lower, while those in Shanghai and Hong Kong saw gains following a decline in US markets on Thursday.