In line with the SGX Nifty trends, the Indian equity markets opened on negative note on the first trading day of Financial Year 2023. The benchmarks have surged over 17% in FY 2022. SGX Nifty Futures was trading lower by over 70 points around 9 am on the Singaporean exchange on Friday.  

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Meanwhile, benchmarks Nifty50 and S&P BSE Sensex opened marginally lower by 0.5%. The former started around 17,430 and the latter declined by nearly 20 points in the opening trade. 

Sectorally, IT, Pharma and healthcare stocks were seen under pressure in the opening trade, while Metal, PSU Bank and oil & gas stocks rose the most. 

In the pre-open, the Sensex started flat with negative bias as 16 shares advanced, 13 declined and 1 remained neutral on the 30-share index. 

"Nifty ended on a flattish note at 17,465 on Thursday, while VIX ended at ~20-level. Though the Index established a follow through move, it closed below the 17,600-17,500-resistance level. It has spent a lot of time below this zone and the first attempt to break above the resistance zone might be thwarted, if continued price intensity is not witnessed. Near-term momentum support is seen at 17,300-17,250 zone," says Viraj Vyas, Technical and Derivatives analyst at Ashika Broking.  

On Friday morning, major Asian markets were trading largely negative. Japanese Nikkei 225 was down 0.9%, Hang Seng Index at the Hong Kong Exchange dropped more than 1% and Chinese Shanghai Composite was trading flat with positive bias in the early trade on Friday. 

Earlier, global stocks dropped on Thursday with U.S. shares sinking over 1.5%, as concerns about a recession and the Russian-Ukranian war spurred selling, while oil prices plunged over $6 as Washington launched a record release from its emergency oil reserves, said a Reuters report. 

A spurt of selling late in the day drove the S&P 500 down 1.6%. The Dow Jones Industrial Average also skidded 1.6%, and the Nasdaq Composite dropped 1.5%. Europe`s STOXX 600 had closed down 0.94%.