Indian stock markets experienced a downturn today, with both the Sensex and Nifty indices registering losses. The Sensex closed down by 542 points, settling at 82,184, while the Nifty 50 index ended at 25,062, a decrease of 158 points.
Several factors contributed to this market decline. Disappointing IT earnings and cautious global cues played a significant role in dampening investor sentiment. Despite optimism surrounding a potential free trade agreement between India and the UK, the negative influences prevailed.
In early trading, the Sensex had plunged over 680 points before recovering slightly to close 542 points lower, a 0.71% decrease. The Nifty50 also slipped below the 25,050 mark during the session. The GIFT Nifty (formerly SGX Nifty) signaled a negative start, trading lower by 108 points, indicating a weak opening for Dalal Street.
Several prominent companies experienced significant losses. Bajaj Finance and Bajaj Finserv were among the top losers on the Sensex, along with Kotak Bank, M&M, Tata Steel, Reliance, Power Grid, and HUL. Shriram Finance, Bajaj Auto, IndusInd Bank, Jio Financial Services, Hero MotoCorp, Cipla, and Tata Consumer Products also saw declines on the Nifty index.
Sectorally, the Nifty Financial Services index slipped 0.85%, and the Nifty Auto index was down 0.7%. Bucking the weak trend, the Nifty Pharma and PSU Bank indices managed to add 0.2% each. The Nifty MidCap index fell 0.42%, while the Nifty SmallCap index edged 0.6% lower.
The opening bell saw the Sensex drop 302.57 points to 81,881.60, and the Nifty 50 fell 117.20 points to 24,944.90. Sectors like textiles, auto, leather, and footwear are expected to be in focus due to improved access to the UK market following the newly signed India-UK Free Trade Agreement (FTA). Analysts view the FTA as "hugely significant," especially as India pursues a similar deal with the U.S.
The Indian stock markets opened lower on Friday, with the BSE Sensex declining 357 points to 81,826 and the NSE Nifty dropping 115 points to 24,946. The broader market also reflected this downturn, with the Nifty MidCap and SmallCap indices showing losses.
