The Indian equity indices opened on a subdued note on Friday tracking weak global trade sentiments. The weakening of the Indian rupee against the dollar amid rising crude prices further weighed on investor sentiments.
The BSE Sensex was trading lower by 30 points, at 38,306, while the NSE Nifty 50 slipped by 21 points to 11,562.
On Thursday, Indian markets ended higher with the NSE Nifty 50 posting 25th record close for 2018.
Power Grid, NTPC, Axis Bank, Tata Steel, M&M rose in initial trade on the BSE index, while shares of ICICI Bank, Wipro, Sun Pharma, ITC, Bharti Airtel, IndusInd Bank declined.
Midcaps were flat in initial trade. Four out of 19 sectoral indices on the BSE were trading negative, but others were either flat or higher with modest gains.
Nifty Bank was under pressure with PSU Bank trading lower by over half a percent in initial trade.
The Indian rupee opened weaker at 70.19 against the dollar on Friday. It had ended at 70.11 per dollar, a loss of 30 paise or 0.43 percent on Thursday over the previous close.
Barring Japan's Nikkei, Asian shares traded lower. MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.6 percent although it was still up about 0.85 percent on the week.
Hong Kong’s Hang Seng fell 0.8 percent and the Shanghai Composite Index dropped 0.65 percent. South Korea’s KOSPI fell 0.35 percent and Japan’s Nikkei climbed 0.3 percent.
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