The Indian markets opened lower on Friday subdued by selling pressure in global and Asian markets amid continued uncertainty over oil prices ahead of the OPEC meet.
The 30-share benchmark S&P BSE Sensex opened at 35,398 points, while the 50-share NSE Nifty 50 opened at 10,728. The Nifty had yesterday ended 0.29 percent lower at 10,741.10, while the Sensex closed 0.32 percent lower at 35,432.39.
Today’s weak opening was largely expected as the SGX Nifty Futures was trading 0.20% lower.
M&M, GAIL, ICICI Bank, BPCL and HCL Tech are the top Nifty gainers, while UPL, Grasim, Coal India, Adani Ports and Bharti Infratel are the top Nifty losers.
The Indian rupee strengthened on Friday against the US dollar. The rupee opened at 67.85 a dollar, while the 10-year bond yield stood at 7.78% from its Thursday’s close of 7.77%. Bond yields and prices moved in opposite directions.
Meanwhile, the Asian markets have slid to their lowest in six months today on signs of worsening US-China trade tensions. The investors are closely watching the outcome of a two-day OPEC meeting in Vienna on whether the oil cartel agrees to increase crude output. Oil prices rose by more than a percent in early Asian trading on Friday.
First Published: IST