Opening bell: Indices fall in early trade on unfavourable global cues

The market extended the decline to open in red on Friday, July 01

Wall Street saw a drop on Thursday on fear of rising inflation and increasing interest rates. As a result, the Asian markets opened on a negative note. The Indian benchmark indices are trading with a fall of 0.50%. The market was supported by buying seen in the power and oil & gas sectors, whereas, the finance, auto, and bankex were the major indices to drag the market down.

At 9:36 AM, the Sensex dropped by 300 points and is trading at 52,717.95 levels. BSE MidCap likewise, declined by 23 points and is trading at 21,689.26 levels, BSE SmallCap has too gained on the other hand by 11 points and is trading at 24,798.33 levels. The stocks trading in the green on the BSE Sensex are Asian paints, Bajaj Finserv, ITC, Induslnd Bank, and Tata Steel.

The Nifty 50 index similarly plunged by 96 points and is now trading at 15,683.60 levels. The Bank Nifty also tumbled by 282 points to trade at 33,142.90 levels. The top gainers on Nifty 50 are Shree Cement, UPL, HDFC life Insurance, and BPCL. While, Dr Reddy's Laboratories, HDFC, Titan, Tata Motors, and ONGC are the top loser.

Global oil prices edged higher on Friday after OPEC+ said it would stick to its planned oil output hikes in August and investors worried about the strength of the global economy. Brent futures rose as much as 3.9% to $113.2 a barrel and crude oil (WTI) futures followed suit, climbing 1% to $106.72 a barrel. The dollar index was slightly up at 104.7.

The market breadth was negative. On the BSE, 1,268 shares rose and 1,329 shares fell. A total of 118 shares were unchanged. Foreign portfolio investors (FPIs) sold shares worth Rs 1,138.05 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,138.05 crore in the Indian equity market on 30 June.