Markets open lower on weak global cues; IT stocks gain, bank shares drag

The benchmark equity indices opened lower on Friday, tracking weak global cues as elevated oil prices dampened investor risk appetite. 

At 9:45 AM, the Nifty 50 was down 93.20 points, or 0.38%, at 24,672.70, while the BSE Sensex slipped 323.27 points, or 0.40%, to 79,692.63. 

Among the constituents of the Nifty 50, shares of  InterGlobe Aviation ,  ICICI Bank , and  Larsen & Toubro  were the top losers. On the other hand,  HCLTech ,  Bharat Electronics , and  Infosys  emerged as the top gainers. 

Shares of  Reliance Industries  extended gains for a second straight session and were the biggest contributor to the Nifty 50. The stock was trading at ₹1,418.70, up 1.96%. 

Broader markets outperformed the benchmark indices

Broader markets outperformed the benchmark indices in early trade. The Nifty Midcap 100 was up 0.19%, while the Nifty Smallcap 100 advanced 0.46%. 

Sectorally, the Nifty IT led the gains, rising 1.57% as shares of Infosys and Tata Consultancy Services supported the index. 

Meanwhile, the Nifty Bank emerged as the top laggard at the open, weighed down by declines in ICICI Bank and HDFC Bank. 

In Asian markets, South Korea’s KOSPI traded more than 1% lower while Japan’s Nikkei 225, China’s SSE Composite Index, and Hong Kong’s Hang Seng Index were trading in positive territory. Meanwhile, US markets ended lower on Thursday. 

Rupee gains 2 paise

In the currency market, the Indian rupee remained firm, gaining 2 paise to 91.62 against the US dollar on Friday after the United States announced a 30-day waiver allowing Indian refiners to continue purchasing Russian oil, easing concerns over global energy flows amid the ongoing conflict in West Asia. 

In the interbank foreign exchange market, the rupee opened at its previous close of 91.64 and strengthened to 91.62 against the greenback. The currency had recovered 41 paise on Thursday to settle at 91.64 after losing 97 paise in the preceding two sessions. 

Brent crude falls 1.05%

Meanwhile, Brent crude declined 1.05% to $84.51 per barrel in futures trade. 

Forex traders said negative domestic equity markets and continued foreign fund outflows capped the rupee’s gains despite a weaker US currency. The US Dollar Index, which measures the greenback against a basket of six major currencies, was down 0.37% at 98.94. 

According to exchange data, foreign institutional investors (FIIs) remained net sellers, offloading equities worth ₹3,752.52 crore on Thursday.