Indian stock market opens sharply lower amid weak global cues

Mumbai, Feb 28 (IANS) The Indian benchmark indices opened sharply lower on Friday amid weak global cues, as selling was seen in the auto, IT, PSU bank and metal sectors in the early trade.

At around 9.34 am, Sensex was trading 840.82 points or 1.13 per cent down at 73,771.61 while the Nifty declined 254.15 points or 1.13 per cent at 22,290.90.

Nifty Bank was down 439.75 points or 0.90 per cent at 48,304.05. The Nifty Midcap 100 index was trading at 48,142 after declining 994.75 points or 0.12 per cent. Nifty Smallcap 100 index was at 14,836.35 after dropping 320.25 points or 2.11 per cent.

According to experts, the last three sessions have been unremarkable for the benchmark index, as indicated by the small-bodied candlestick formations. The minimal changes in price suggest persistent bearish sentiment, prompting market participants to adopt a cautious approach.

"Moving forward, one must remain vigilant with global developments, which are likely to act as catalysts in setting the initial tone for domestic markets. At the same time, one should refrain from making aggressive bets until momentum returns to the market," said Sameet Chavan, Head Research, Technical and Derivative, Angel One.

Meanwhile, in the Sensex pack, Reliance, ITC, Sun Pharma, ICICI Bank, Hindustan Unilever Limited, Axis Bank and Asian Paints were the top losers.

In the last trading session, Dow Jones declined 0.45 per cent to close at 43,239.50. The S&P 500 declined 1.59 per cent to 5,861.57and the Nasdaq declined 2.78 per cent to close at 18,544.42.

In the Asian markets, Seoul, China, Japan, Bangkok, Jakarta and Hong Kong were trading in red.

The foreign institutional investors (FIIs) continued their selling on sixth day in a row, as they sold equities worth Rs 556.56 crore on February 27. However, domestic institutional investors (DIIs) bought equities worth Rs 1,727.11 crore, on the same day.