Indian benchmark indices opened sharply lower on Friday, erasing part of the gains made earlier in the week after a one-day break for Ram Navami.The Nifty 50 declined 304.65 points or 1.31% to 23,001.80, while the BSE Sensex dropped 995.21 points or 1.32% to 74,282.57 in early trade. The decline comes after the Nifty had surged more than 800 points from Monday’s low, prompting profit-booking across sectors.
Investor sentiment remained cautious amid global uncertainties. Oil prices failed to ease even after US President Donald Trump extended the deadline for possible military action against Iran, keeping geopolitical risks in focus. Currency markets also reflected pressure, with the Indian rupee breaching the psychologically significant level of 94 against the US dollar for the first time. The domestic currency opened 18 paise lower at 94.16 per dollar compared to Wednesday’s close of 93.98.
Among Sensex constituents, Eternal Limited declined 2.77% to ₹235.50. Mahindra & Mahindra slipped 1.95%, while InterGlobe Aviation (IndiGo), Bajaj Finance and Larsen & Toubro fell 1.97%, 1.94% and 1.76%, respectively.Broader Asian markets also traded mostly in the red. Japan’s Nikkei 225 was down 0.86%, while South Korea’s Kospi declined 2.53%. Hong Kong’s Hang Seng Index, however, edged up 0.09%.
Overnight, US markets ended lower, with the S&P 500 falling 1.74%, the Dow Jones Industrial Average slipping 1.01%, and the Nasdaq Composite dropping 2.38%. Sectorally, most indices traded in the red, led by realty, metal, PSU bank and auto stocks, which declined up to 1%. Financials and consumer durables also faced selling pressure. According to Aakash Shah, Technical Research Analyst at Choice Equity Broking Private Limited, accumulating fundamentally strong stocks during market corrections could be a prudent strategy for investors. Analysts expect markets to remain volatile amid global uncertainties. Immediate support for the Nifty is seen in the 23,050–23,000 zone, while resistance is placed around 23,450–23,500. Meanwhile, foreign institutional investors (FIIs) continued to remain net sellers, while domestic institutional investors (DIIs) provided some support to the market.