India’s benchmark indices declined for the fourth consecutive session on Friday, weighed down by continued selling from foreign institutional investors (FIIs).
The Nifty fell 0.34%, or 84 points, to 24,664.95, while the BSE Sensex dropped 257 points, or 0.32%, to 80,749.26 in early trade.
Despite the persistent FII outflows, market experts remain optimistic about a potential recovery in Indian equities over the coming weeks. Banking and market expert Ajay Bagga suggested that the indices are likely to rebound soon.
“We remain optimistic as FII selling may have already crossed the halfway mark. As this slows down, domestic inflows will support the recovery,” Bagga stated. “When the recovery happens, it will be sharp and concentrated, encouraging long-term investors to stay invested.”
Among the broader indices, both the Nifty Next 50 and Nifty 100 opened in the red. Most sectoral indices followed suit, with the Nifty IT sector recording the steepest drop, down 1.21%. Only the Nifty FMCG and Nifty Private Bank indices avoided losses.
In the Nifty 50, 29 stocks opened lower, 12 advanced, and 9 remained unchanged.
Quarterly earnings results from key companies such as Jio Financial Services, Hindustan Zinc, Tata Consumers, ICICI Insurance, and L&T Finance are expected today and may influence market movements.
Meanwhile, Asian markets had a mixed start, with Hong Kong’s Hang Seng and Taiwan’s Taiwan Weighted Index rallying over 1.5%, while Japan’s Nikkei gained 0.38%. South Korea’s KOSPI saw a marginal decline.
In the U.S., markets closed flat on Thursday, with the S&P 500 posting a slight gain and the Nasdaq edging lower.
(With ANI input)
