Source : INDIA TODAY NEWS
Domestic stock markets opened sharply lower on Friday, extending their recent losses as global uncertainty surrounding the Iran conflict continued to weigh on investor sentiment.
At around 10:10 am, the BSE Sensex was down 886 points at 75,147, while the NSE Nifty50 slipped 281 points to 23,357.
The latest decline comes as investors remain cautious amid rising geopolitical tensions in West Asia, elevated crude oil prices and continued foreign investor selling.
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The sell-off has been broad-based, with banking, metal and infrastructure stocks leading the losses.
BANKING STOCKS DRAG MARKETS LOWER
Banking heavyweights were among the biggest drags on the benchmark indices.
Shares of HDFC Bank dropped over 2.3%, while State Bank of India fell nearly 1.9%. Other lenders including Axis Bank, ICICI Bank and Kotak Mahindra Bank also traded in the red.
Since financial stocks carry significant weight in both the Sensex and the Nifty, their decline pulled the broader market lower.
METALS, INFRA STOCKS SEE SHARP SELLING
Cyclical stocks also witnessed heavy selling pressure.
Shares of Larsen & Toubro plunged nearly 4%, while Tata Steel slipped about 3.8%. UltraTech Cement, Adani Ports, and Maruti Suzuki also traded lower during the session.
The sharp fall in these sectors reflects growing investor caution as global economic uncertainty increases.
DEFENSIVE STOCKS OFFER SOME SUPPORT
Despite the broader market weakness, a few defensive stocks managed to stay in positive territory.
Hindustan Unilever rose over 1.3%, emerging as one of the top gainers on the index. Trent, Bharti Airtel, and Reliance Industries also traded higher, while ITC remained marginally in the green.
These defensive sectors often see buying interest during periods of market volatility.
PHARMA STOCKS SHOW RESILIENCE
Pharmaceutical stocks also showed relative resilience amid the broader sell-off.
According to Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments, the ongoing geopolitical tensions and rising oil prices are keeping global markets under pressure.
“With the heightened uncertainty surrounding the West Asian conflict continuing, global markets are weak and in uncharted territory. Weakness in the US markets indicates that a rebound in the market is some time away,” he said.
“With Brent crude around $100, bulls are on the defensive. With FIIs persisting with their sustained selling strategy, even large-cap bluechips are under pressure.”
However, he noted that pharmaceuticals are among the few sectors holding up well during the volatility.
“One segment that is weathering the storm is pharmaceuticals. Rupee depreciation is a positive for the sector, which is a major exporter,” he said.
He advised investors to stay calm despite the market volatility.
“There is nothing much investors can do in these challenging times other than remaining calm and continuing with systematic investment,” he added.
– Ends
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SOURCE :- TIMES OF INDIA
