Share Market Opening Bell! Sensex, Nifty extends decline, banking and financial stocks drag

Indian markets started Friday’s session with minor cuts, as the BSE Sensex slipped by 60 points or 0.11 per cent to 52509.10 levels, while Nifty50 fell by 40 points or a quarter per cent to 15688.3.

Outperforming the benchmarks, the mid-cap index from broader markets opened positive with meager gains, 22 points or 0.08 per cent to 27234.8. While Nifty Bank, one of the important indices, tumbled by over 110 points or 0.31 per cent to 35163.8 levels at the market open on Friday. 

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Of 50 scrips on Nifty50, 10 advanced, and 40 declined minutes after the market open today. Financial stocks dragged the market most as Bajaj Finance, HDFC Bank, and IndusInd Bank each dipped by over 0.5 per cent at the market open today, Wipro declined most in by 0.7 per cent on the Index. 

Meanwhile, Metal and Pharma stocks surged most in the early morning trade today, Dr Reddy’s, Tata Steel, and JSW Steel jumped over 1 per cent, followed by Divis Lab and Cipla up 0.7 and 06 per cent higher respectively. 

The majority of the sectors are in the red, with banking and financials sectoral indices dragging the market most. Whereas, Nifty Metal, Pharma, and Realty are in the green and are up around half per cent in the early morning trade on Friday.

On the global front, US markets on Thursday ended with losses amid a global selloff on the back of a sharp fall in bond yields. Dow Jones closed below 250 points and Nasdaq by 105 points lower.

Asian markets opened weak on Friday led by the Japanese 'Nikkei' lower by over 500 points in early trade as the Government to cancel all spectator participation for Olympics amid Covid concerns. 

Foreign Institutional Investors (FIIs), which is considered as one of the important triggers for the markets, sold shares worth Rs 554.92 crore in cash and Rs 949.18 crore in index futures.

The domestic markets on Thursday had a very weak session as both foreign and local funds booked profit amid weekly market expiry as well as the global cues turned weak.