Indian benchmark indices opened lower on Friday amid renewed jitters over US tariffs, with early selling pressure seen in the IT and financial services sectors.
As of 9:38 am, the Sensex was trading 272.30 points or 0.34 per cent lower at 80,350.96, while the Nifty declined 75.60 points or 0.31 per cent to 24,520.55.
According to analysts, the market remains both technically and fundamentally weak. The Nifty’s pattern of continuous lower lows is a bearish technical indicator. On the fundamental front, there are still no signs of a sharp earnings recovery for FY26.
“In the present context of negative market sentiment caused by the tariff skirmishes between India and the US, FIIs are likely to continue selling in the cash market. The only saving grace is the sustained DII buying, which remains strong,” said Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The Nifty Bank index was down 124.90 points or 0.22 per cent at 55,396.25 in early trade. The Nifty Midcap 100 index fell 226.10 points or 0.40 per cent to 56,712.20, while the Nifty Smallcap 100 declined 62.85 points or 0.36 per cent to 17,629.80.
“The Nifty opened on a weak note, falling nearly 225 points in early trade. However, it staged a strong recovery, rebounding over 250 points to end above the previous day’s close. The index formed a bullish candlestick pattern, reflecting renewed buying interest and momentum,” said Amruta Shinde, Technical & Derivative Analyst at Choice Broking.
From a technical perspective, a sustained move above the 24,650 level could open the door for an upside toward 24,850. On the downside, immediate support is seen at 24,550, followed by 24,400 — both of which could offer attractive entry points for fresh long positions, she added.
In the Sensex pack, Bharti Airtel, Infosys, BEL, Eternal, and Axis Bank were among the top losers, while Titan, Bajaj Finance, Trent, and Bajaj Finserv were the top gainers.
Foreign Institutional Investors (FIIs) sold equities worth Rs 4,997.19 crore on August 7, while Domestic Institutional Investors (DIIs) bought equities worth Rs 10,864.04 crore on the same day.
In Asian markets, China, Japan, and Jakarta were trading in the green, whereas Bangkok, Seoul, and Hong Kong were in the red.
In the previous trading session, the Dow Jones closed at 43,968.64, down 224.48 points or 0.51 per cent. The S&P 500 ended with a loss of 5.06 points or 0.08 per cent at 6,340, while the Nasdaq closed at 21,242.70, up 73.27 points or 0.35 per cent.
— IANS
