Despite broader Asian markets trading steadily, Indian stocks opened marginally lower on Friday due to pressure from metal, IT, and financial stock losses. The Nifty50 fell 29 points, or 0.11 percent, to 25,849 at the opening bell, while the BSE Sensex down 95 points, or 0.11 percent, to 84,310.
Asian Paints, Tata Steel, HDFC Bank, Axis Bank, ICICI Bank, Sun Pharma, and Adani Ports were among the first companies to lose money on the Sensex.
The Nifty MidCap index edged up 0.08 percent, while the Nifty SmallCap index gained 0.35 percent, indicating that the overall market excelled.
Worldwide cues
Friday’s opening of Asian markets was largely positive as investors greeted indications of less tension between Beijing and Washington. The upbeat tone comes after Chinese President Xi Jinping and US President Donald Trump met in South Korea on Thursday and apparently reached an agreement on a short trade truce. The agreement eased tensions over rare-earth exports, which had previously raised concerns of a more intense trade spat between the two biggest economies in the world.
The Topix increased 0.79 percent, reaching a new high, and Japan’s Nikkei rose more than 1 percent to a new record high. In South Korea, the Kosdaq increased 0.47 percent, while the Kospi fell 0.19 percent after reaching a record high the day before. The ASX 200 in Australia started the day 0.45% higher.
Major US indices closed lower overnight on Wall Street as investors evaluated the Big Tech companies’ inconsistent quarterly results. The Dow Jones Industrial Average down 0.23 percent, the Nasdaq Composite fell 1.58%, and the S&P 500 fell 0.99 percent.
