Markets opened lower on Friday as the 30-stock benchmark index Sensex slipped 236.59 points to 57,985.51 in early trade and Nifty lost 69.95 points to 17,261.85. The banks and energy stocks pulled down the key indices on the back of subdued global sentiment as the announcement of US jobs data is expected to offer clues on the Federal Reserve’s rate hike strategy.
Tata Steel, Sun Pharma, IndusInd Bank, Tata ICICI Bank, State Bank of India, and SpiceJet were among the laggards. Titan, Maruti Suzuki, HCL Technologies and Reliance Industries were among the Sensex gainers.
Shares of Titan Co rose 5.3 per cent after the jewellery maker said overall second-quarter sales rose 18 per cent year-on-year, reported news agency Reuters.
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The World Bank also slashed India’s growth forecast for this financial year by a full percentage point, as rising commodity prices and debt trouble hit economies in South Asia.
The rupee depreciated 16 paise to an all-time low of 82.33 against the US dollar in early trade on Friday. Moreover, a negative trend in domestic equities and elevated crude oil prices sapped investor appetite, according to forex traders.
Meanwhile, Asian stocks continued to slide for a third day on Friday amid global cues and fear of recession risks amid signs of further aggressive central bank policy tightening.
Japan’s Nikkei dropped 0.7 per cent as of 0130 GMT, pulling back from a two-week high reached on Thursday.
South Korea’s Kospi slipped 0.33 per cent, weighed partly by a decline in Samsung Electronics shares after the technology giant flagged a worse-than-expected 32 per cent drop in quarterly operating earnings. Australia’s stock benchmark retreated 0.59 per cent. Hong Kong’s Hang Seng was 1.17 per cent lower in early trade, according to Reuters.
Oil prices rose on Friday, continuing an upward trend after OPEC+ this week agreed to tighten global supply with a deal to cut production targets by 2 million barrels per day (BPD).
(With inputs from PTI)
