Benchmark stock market indices opened lower on Friday, dragged by declines in IT, heavyweight financial and private banking sector stocks.
The S&P BSE Sensex was down by 380.59 points to 81,620.12, while the NSE Nifty50 declined 127.95 points to 24,956.25 as of 9:30 am.
Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said that the headwinds for the market from Trump tariffs will weigh on markets constraining the rally of the last 6 days.
“A significant trend in the market is the outperformance of largecaps, which is desirable and fundamentally justified. While Nifty is up by 1% during the last one year, Nifty Midcap 150 is down by 0.35% and Nifty Smallcap 250 is down by 4.7 % during the same period. This trend is fundamentally justified and likely to continue. Midcap IT is showing resilience now,” he added.
At the start of the trading session, Bharat Electronics led the gainers with a rise of 0.96%, followed by Mahindra & Mahindra which was up 0.56%. Larsen & Toubro gained 0.28%, Bajaj Finance moved higher by 0.25%, and Titan added 0.15%.
HCL Technologies fell 1.17%, Asian Paints slipped 1.16%, Adani Ports declined 0.83%, UltraTech Cement dropped 0.83%, and Tech Mahindra lost 0.82%. The sharp fall in heavyweights like HCL Technologies and Asian Paints points towards pressure on the market despite a few early gains.
After the opening bell, Nifty indices showed mixed movement.
Nifty Metal dropped 0.78%, Nifty Realty slipped 0.74%, Nifty Private Bank was down 0.60%, Nifty Oil & Gas fell 0.57%, Nifty Financial Services declined 0.55%, Nifty IT lost 0.48%, Nifty FMCG shed 0.46%, Nifty Auto was down 0.19%, Nifty PSU Bank fell 0.19%, and Nifty Healthcare Index edged lower by 0.12%.
Nifty Media rose 0.38% and Nifty Consumer Durables was slightly up by 0.03%, while Nifty Pharma was almost flat with a marginal rise of 0.01%. The broad trend remained weak with most sectors in red.