The benchmark equity indices on the BSE and National Stock Exchange (NSE) opened marginally lower on Friday weighed by automobile and banking stocks.
At 9:15 am, the S&P BSE Sensex was down 116.09 points (0.37 per cent) at 31,006.80, while the Nifty 50 was at 9,109.75, down 33.00 points (0.36 per cent).
On the Sensex, Mahindra & Mahindra (M&M), Maruti Suzuki India, Bajaj Finance, Hero MotoCorp, ICICI Bank and HCL Technologies were the top laggards in the early trade. (see heatmap below)
Among the sectoral indices, the Nifty Auto index was down over 1.5 per cent driven down by M&M, Ashok Leyland, Eicher Motors and Maruti. The Bank Nifty index too slipped over 1 per cent dragged by The Federal Bank, ICICI Bank and Bank of Baroda.
Here’s how the sectoral indices were performing:
Asian stocks struggled to extend gains on Friday and were on course to end the week lower as deteriorating US-China relations undercut optimism over the reopening of major economies.
Worries about confrontations between the two largest economies in the world eclipsed Chinese economic data, which showed it economy is gradually recovering from the shock of the coronavirus outbreak.
With China the first to relax lockdowns, global investors are closely watching it for clues on how long demand will take to bounce back, as other countries begin to ease their own anti-virus measures.
MSCI’s broadest index of Asia-Pacific shares outside Japan were little changed, with gains in Australia offset by falls in Hong Kong.
Japan’s Nikkei dipped 0.3 per cent while mainland Chinese shares also ticked lower.
US S&P500 futures dipped 0.15 per cent after the index gained 1.15 per cent the previous day, recovering from a three-week low.
– with global market input from Reuters
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