The selling cloud continues on the Indian stock markets on Friday with record selling by foreign investors in October.
The Nifty index opened 0.34 per cent or 84 points down at 24,664.95 points, while the BSE Sensex index opened at 80,749.26 with a decline of 257 points or 0.32 percent.
At 10:22 am, Sensex was trading 352.87 points down at 80,653.74, whereas Nifty was trading 77.20 points down at 24,672.65.
Experts stated that FIIs are continuously putting pressure on Indian stocks, but the situation is expected to improve in the coming weeks with a sharp recovery anticipated.
“We remain optimistic as the FII selling may have crossed the half way mark already and as it tones down, the domestic flows will help a recovery. When the recovery happens it will sharp and concentrated, giving long term investors motivation to stay put during the harrowing volatility of a roller coaster market that has repeatedly tested support levels but remains oversold, hence ripe for a bounce sometime in the next few weeks” said Ajay Bagga, Banking and Market Expert.
In the broad market indices on NSE, the Nifty Next 50, including Nifty 100, all indices opened in red, facing selling pressure from investors.
In the sectoral indices, except for Nifty FMCG and Nifty Private Bank Index, all other indices opened with a decline, showing selling pressure in major sectors. The highest decline was witnessed in Nifty IT, with the index down by more than 1.21 percent in the opening session.
In the Nifty 50 list, 29 stocks declined, while 12 opened with gains and 9 remained unchanged.
In the quarterly results announcement today, Jio Financial Services, Hindustan Zinc, Tata Consumers, ICICI Insurance, and L&T Finance are some of the major companies announcing financial results for the second quarter.
Other Asian markets opened positively on Friday, except for South Korea’s KOSPI index, which declined marginally. However, Hong Kong’s Hang Seng and Taiwan’s Taiwan Weighted rallied more than 1.5 percent at the time of filing this report. Japan’s Nikkei index also gained on Friday, with a surge of 0.38 percent.
In the US markets, both indices closed flat on Thursday, with the S&P 500 closing with a marginal gain and the Nasdaq index closing with a marginal dip. (ANI)
