India’s stock markets opened lower on Friday as weak performance in Asian markets and selling pressure in IT and private banking stocks impacted investor sentiment.
The Sensex dropped 325.79 points, or 0.42 percent, to 76,717.03, while Nifty fell 86.80 points, or 0.37 percent, to 23,225 by 9:30 am.
The market was weighed down by continued selling from Foreign Portfolio Investors (FPIs) and rising concerns about potential volatility as Donald Trump’s presidential inauguration approaches.
Analysts anticipate that Trump’s executive orders related to tariffs, taxes, and regulations will be closely monitored for market impact.
Despite the overall decline, Nifty Oil and Gas surged over 1.47 percent, while sectors like FMCG, Media, and Pharma posted modest gains. Reliance Industries emerged as a top gainer, rising 2.49 percent. However, the Nifty 50 saw 30 out of 50 stocks in the red.
On the earnings front, several major companies, including Wipro, Jio Financial Services, and Tech Mahindra, are set to release their quarterly results, which may influence market movements.
In the Asian markets, Japan’s Nikkei 225 fell 0.88 percent, Hong Kong’s Hang Seng slipped 0.10 percent, and South Korea’s KOSPI index dropped 0.26 percent.
(With IANS inputs)