The market started on a low note on Friday morning as the S&P BSE Sensex lost 34.22 points or 0.10 per cent to stand at 35,398.17, with NSE Nifty 50 trailing by 11.9 points or 0.11 per cent to stand at 10,729.20, after two hours of market opening.
Benchmark indices on the decline by 34.22 points and 11.9 points, respectively.
The market started on a low note on Friday morning as the S&P BSE Sensex lost 34.22 points or 0.10 per cent to stand at 35,398.17, with NSE Nifty 50 trailing by 11.9 points or 0.11 per cent to stand at 10,729.20, after two hours of market opening.
M&M, ITC, Sun Pharma, HDFC and Bharti Airtel were the highest gainers at BSE, whereas Reliance, IndusInd Bank, Wipro, Coal India and Bajaj Auto were at the losing end.
At the NSE, Bharti Infratel, M&M and Infratel were on the high end while Reliance, Grasim and UPL were the top three losers.
“Nifty continued to trade lower in line with global weakness. Uncertainty over trade war has been the cause of concern that has been putting pressure across equity markets. We expect the broader Nifty 50 index to continue to remain weak unless the index comfortably crosses the multiple resistance levels of 10,800 on the higher side. The metal pack will react on India raising duties on 29 products from the US, striking back against Washington’s move to impose higher tariffs on Indian steel and aluminum exports amid a global trade war,” said Rajeev Srivastava, Head-Retail Broking, Reliance Securities. “Meanwhile the OPEC meeting outcome later in the evening will be important to watch with respect to crude prices movement in the coming few weeks.”
In the commodities sector, Brent Crude saw a rise of Rs 12 or 0.27 per cent to stand at Rs 4,508.00 per bbl, while gold price went down by Rs 6 or 0.02 per cent and stood at Rs 30,610.00, at the time of filing the report.
The banking sector started on a positive note for Axis Bank with a gain of 0.21 per cent while turned distraught for others as, IndusInd Bank, SBI andHDFC Bank lost 1.56 per cent, 0.15 per cent and0.19 per cent, respectively, at the mid-day market.