Sensex down over 200 points, Nifty below 24,800; Tata Steel gains 1%
Benchmark stock market indices opened lower on Friday, despite hopes of a rate cut from the Reserve Bank of India's (RBI) monetary policy committee (MPC).The S&P BSE Sensex was down by 197.18 points to 81,244.86, while the NSE Nifty50 lost 50.70 points to 24,700.20 as of 9:55 am.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said that in today's monetary policy the RBI is likely to cut policy rates by 25 bp."This is already factored in by the market. More important will be the RBI commentary on growth and inflation projections for FY26. If the inflation forecast is cut from 4% the market would respond positively," he added.advertisementIndusInd Bank led the charge on Sensex in early trade, surging 1.11%, followed by Tata Steel which jumped 0.84%. NTPC also opened up, climbing 0.52%, while Adani Ports and Special Economic Zone rose 0.24%. PowerGrid Corporation of India rounded out the top five gainers with an increase of 0.22%.
However, some stocks faced selling pressure as trading commenced. Bajaj Finserv was the worst performer in early trade, declining 0.72%, while Tata Motors retreated 0.67%. ICICI Bank also opened lower, falling 0.60%, and Bajaj Finance dropped 0.25%. Bharti Airtel completed the list of top five losers with a decline of 0.25%."Uncertainty, which has been looming large on the global economic horizon, has spiked with the open spat between President Trump and Elon Musk. This unprecedented clash between two of the world's most powerful and mercurial personalities will have its consequences on the policies of the US administration," said Vijayakumar.advertisementThe sectoral indices on NSE opened with mixed performance in early trade. Nifty Midcap 100 rose 0.06% and Nifty Smallcap gained 0.06%. The India VIX edged up marginally by 0.01%, showing stable volatility levels as trading began.Several sectors opened in positive territory. Nifty Realty was the top performer, climbing 0.73%, followed by Nifty Metal gaining 0.61% and Nifty Pharma up 0.28%. Other gainers included Nifty FMCG rising 0.18%, Nifty Oil & Gas advancing 0.12% and Nifty PSU Bank gaining 0.07%.However, many sectors faced early selling pressure. Nifty Media was the worst hit, declining 0.94%, while Nifty IT fell 0.38% and Nifty Financial Services dropped 0.32%. Nifty Healthcare also retreated 0.32%, Nifty Auto declined 0.28%, Nifty Private Bank fell 0.21% and Nifty Consumer Durables dropped 0.02%.
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