India’s benchmark indices declined in early trade on Friday, weighed down by sustained selling by Foreign Portfolio Investors (FPIs) and weak global cues.
The Nifty fell 110 points, or 0.44 per cent, to 24,943, while the Sensex shed 290 points, or 0.35 per cent, to 82,065.76.
Ajay Bagga, Banking and Market Expert, said, “Indian markets are pointing to a continued negative outlook as per the traded futures. FPIs remain sellers while DIIs are absorbing the selling. Key support levels are being tested, making today’s price action crucial for the market’s health.”
He added, “Earnings have largely remained weak, and with no India–US trade deal expected before the August 1 deadline, markets are entering a zone of concern. Fasten seat belts—we are seeing key support holding mainly due to resilient Indian retail investors, who continue to buy on dips and maintain faith in domestic management and the economy.”
Broad market indices were also under pressure, with the Nifty 100 down 0.53 per cent, the Nifty Midcap 100 slipping 0.34 per cent, and the Nifty Smallcap 100 losing 0.56 per cent.
Among sectors, only Nifty Pharma stayed in the green, up 0.26 per cent. Others posted losses: Nifty Auto fell 0.66 per cent, Nifty IT 0.19 per cent, Nifty Media 0.40 per cent, and Nifty Metal 0.46 per cent.
Akshay Chinchalkar, Head of Research at Axis Securities, said, “The Nifty erased all its Wednesday gains on Thursday, dropping 159 points to close at 25,062. Yesterday’s candle formed another bearish engulfing: two in quick succession, which is rare. The key levels now are 25,000 as vital support and 25,245 as resistance. Bears will retain control unless we see a close above 25,340.”
On the earnings front, several major companies are scheduled to report their quarterly results today, including Bajaj Finserv, Bank of Baroda, Cipla, Shriram Finance, SBI Cards, Schaeffler India, SAIL, Petronet LNG, Laurus Labs, Poonawalla Fincorp, Tata Chemicals, Aadhar Housing Finance, Grindwell Norton, and ACME Solar Holdings.
Meanwhile, global cues remained weak. Upcoming US–China trade talks in Sweden on Monday are expected to shape the tone for US–India trade negotiations, particularly amid discussions on Russian oil supplies.
With the RBI’s monetary policy meeting scheduled for August 6, investors are bracing for a potentially weak end to the week.
Across Asia, markets traded lower. Japan’s Nikkei 225 was down 0.79 per cent, Singapore’s Straits Times slipped 0.48 per cent, Hong Kong’s Hang Seng dropped 1.19 per cent, and Taiwan’s Weighted Index edged down 0.08 per cent. South Korea’s KOSPI was the lone gainer, rising 0.35 per cent.
(With inputs from ANI)
