Mumbai (Maharashtra) [India], November 7 (ANI): The selling spree continued in Indian stock markets on Friday, as both key indices extended their weekly losses, slipping nearly 1 per cent amid weak investor sentiment and a lack of clarity on the much-anticipated India-US trade deal.
The Nifty 50 index opened at 25,433.80, down by 75.90 points or 0.30 per cent, while the BSE Sensex opened at 83,150.15, declining by 160.86 points or 0.19 per cent.
Market experts noted that the continued pressure in domestic equities is largely driven by external headwinds and the absence of strong cues.
Ajay Bagga, Banking and Market Expert, told ANI that Indian markets are witnessing sustained pressure and a lack of direction.
“Indian markets are seeing continued pressure and a lack of cues. There is a statement from President Trump that he expects to visit India soon. This raises hopes for an India-US trade deal; however, since April, especially in June, this narrative has been promising but misleading. We will wait for some more clarity on this, especially since the Indian Trade Minister just yesterday spoke about ‘serious and sensitive issues’ still to be surmounted in the India-US negotiations,” he said.
In the broader market, the selling pressure was visible across indices. The Nifty 100 declined by 0.52 per cent, the Nifty Midcap 100 was down by 0.37 per cent, and the Nifty Smallcap 100 lost 0.71 per cent.
Among the sectoral indices, most traded in the red. The Nifty Auto fell 0.3 per cent, Nifty FMCG declined 0.51 per cent, Nifty IT was down 0.67 per cent, Nifty Metal dropped 0.73 per cent, while Nifty PSU Bank lost 0.39 per cent. The only sector showing marginal gains was Nifty Pharma, up by 0.15 per cent.
In the primary market, the last day of bidding for the Groww IPO saw strong participation. So far, the public issue by Billionbrains Garage Ventures (Groww) was subscribed 1.6 times on day 2, led by institutional investors at 2.3 times, retail investors at 5 times, and Qualified Institutional Buyers (QIBs) at 20 per cent. The listing of Studds IPO is also scheduled for today.
Global cues remained weak as US markets once again came under pressure due to concerns over AI valuations. Tesla shareholders recently approved a USD 1 trillion compensation package for Elon Musk, a move seen as a confidence booster for leadership continuity, but also raising worries about a potential bubble in tech valuations.
Additionally, the US government shutdown continues to weigh on investor sentiment, with reports indicating that around 10 per cent of flights have been curtailed from Friday across several US airports, affecting nearly 1,800 flights.
Asian markets mirrored the weak sentiment from Wall Street. Japan’s Nikkei 225 index was down 2.23 per cent, Hong Kong’s Hang Seng fell 1 per cent, Taiwan’s Weighted Index declined 0.62 per cent, and South Korea’s KOSPI dropped 2.43 per cent. Singapore’s Straits Times, however, traded slightly in the green, up by 0.13 per cent.
Overall, the combination of global uncertainty, delayed trade clarity, and persistent external headwinds continues to weigh heavily on investor sentiment in Indian markets. (ANI)
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