Mumbai: Indian stock markets came under selling pressure on Friday as weak global cues dragged benchmark indices lower, following a sharp sell-off across US and Asian equities. The BSE Sensex declined nearly 300 points, or 0.37 per cent, to 79,016.05, while the NSE Nifty 50 dropped 148.55 points, or 0.60 per cent, to 24,388.05 during early trading.
Markets Stage Sharp Comeback
Dalal Street staged a dramatic turnaround within minutes of a shaky opening, as buyers rushed in to lift benchmark indices from their early lows. The Sensex rebounded by more than 400 points within the first 15 minutes of trading, signalling a swift recovery in market sentiment.
The Nifty also bounced back sharply, climbing to 24,549 by 9:40 AM after slipping below the 24,400 mark earlier in the session.
The rapid reversal brought fresh momentum to the market, turning an initially gloomy opening into a spirited recovery despite lingering concerns over the global equity sell-off.
Sectoral Pressure
Metal stocks led the decline, with the Nifty Metal index falling 2 per cent. Nifty Realty slipped 1.56 per cent, while chemicals, oil and gas, consumer durables, PSU banks, FMCG and automobile indices declined by up to 1.34 per cent. The broad-based weakness reflected selling pressure across several domestic sectors.
IT Stocks Rally
Despite the market decline, Nifty IT bucked the trend, gaining approximately 2 per cent. Nifty MidSmall IT and Telecom, Private Bank and Media indices also traded higher, providing some support to market sentiment.
Global Sell-Off
The weakness followed a sharp correction in US technology stocks, with the Nasdaq plunging 5.6 per cent. Market experts attributed the decline to concerns about slowing data centre investments and weakening enthusiasm surrounding artificial intelligence-related trades. Analysts suggested India could face comparatively limited damage from the global technology sell-off.
FII Buying
Foreign institutional investors continued purchasing Indian equities, recording net investments of ₹35,781 crore over five trading sessions. On Thursday, FIIs bought shares worth ₹14,974 crore, extending their buying streak to five consecutive sessions. Domestic institutional investors, however, sold equities worth ₹10,444 crore.
Crude Oil
International crude oil prices advanced during trading. Brent crude rose approximately 2 per cent to $100.31 per barrel, while US West Texas Intermediate gained more than 1 per cent to $91.91.
Market Outlook
Analysts highlighted improving corporate earnings and attractive large-cap valuations as supporting factors. Investors will monitor global market movements, institutional flows and crude oil prices for further direction.
Disclaimer: This report is based on IANS market information and is intended for informational purposes only. Investors should independently assess risks before investing.
