The domestic stock markets opened deeply in the red due to negative global cues as Wall Street tumbled overnight and there is red across Asia. At 9:18 am, the BSE Sensex was trading at 50,184.60, weaker byu 840.35 points or 1.68 per cent and the NSE Nifty was at 14,835.45, down 283.45 points or 1.87 per cent. The Sensex had cuts of more than 1,000 points at opening bell.
On the economy front, the National Statistical Office (NSO) will release gross domestic product (GDP) growth estimates for the third quarter (October-December) 2020-21 post market hours. The Indian economy is likely to have returned to growth in the October-December period after two consecutive quarters of contraction.
Asian stocks opened sharply lower on Friday after Wall Street’s main indexes tumbled, with technology-related stocks under pressure following a steep rise in benchmark U.S. Treasury yields.
Australia’s S&P/ASX 200 fell 2 per cent in early trade, on track for the biggest intraday percentage loss since January 28. Japan’s Nikkei 225 was down 1.8 per cent, while Hong Kong’s Hang Seng index futures lost 1.69 per cent.
Overnight, Wall Street’s main indexes tumbled on Thursday, with the Nasdaq index posting its largest daily percentage fall in four months, as technology-related stocks remained under pressure following a rise in U.S. bond yields.
The Dow Jones Industrial Average closed 559.85 points lower, or 1.75 per cent, to 31,402.01, the S&P 500 lost 96.09 points, or 2.45 per cent to 3,829.34 and Nasdaq Composite dropped 478.54 points or 3.52 per cent to 13,119.43.
Banking and financial stocks were the top losers on the BSE due to a wave of profit-booking after their recent gains. IndusInd Bank, ICICI Bank, Axis Bank, HDFC, SBI and HDFC Bank plunged 2.5 per cent to 3.9 per cent on the BSE. Select auto stocks were the other significant losers among BSE names, with the likes of Tata Motors, Hero MotoCorp and M&M shedding 2-3 per cent each, on the BSE.
On the other hand, Coal India continued with its recent run. The stock gained 2.1 per cent to emerge as the top Sensex gainer. BPCL, IOC, Maruti Suzuki and Hindustan Unilever were the other major loser on the BSE Sensex.
The BSE market breadth was weak. Out of 2,154 stocks traded on the BSE, there were 810 advancing stocks as against 1,269 declines.