Sensex and Nifty Slip in Early Trade Amid Profit Booking and Weak Asian Cues

Mumbai, May 16 — Indian benchmark indices opened lower on Friday as investors booked profits following Thursday’s sharp rally. The decline was further exacerbated by weakness in Asian markets and sustained selling pressure in IT stocks.

Indices Open Lower​

The 30-share BSE Sensex fell 252.97 points, settling at 82,277.77 in early trade. Likewise, the NSE Nifty dropped 67.6 points to open at 24,994.50.

Sectoral Overview: IT Stocks Under Pressure​

Key losers among the Sensex constituents included Bharti Airtel, IndusInd Bank, State Bank of India, Infosys, Power Grid, HCL Technologies, Tech Mahindra, and Mahindra & Mahindra, all of which faced selling pressure.

On the flip side, Eternal, NTPC, Adani Ports, Bajaj Finance, and Bajaj Finserv emerged as early gainers, offering some support to the indices.

Global Market Cues​

Asian markets presented a mixed picture. Major indices such as Japan’s Nikkei 225, Shanghai’s SSE Composite, and Hong Kong’s Hang Seng traded in the red. South Korea’s Kospi, however, posted marginal gains, reflecting selective optimism in the region.

US markets closed mostly higher on Thursday, but the positive momentum had a limited impact on domestic investor sentiment.

Crude Prices and FII Inflows​

The global oil benchmark of Brent crude was trading slightly higher by 0.08% at USD 64.58 per barrel, indicating subdued movement in energy markets.

Foreign Institutional Investors (FIIs) remained net buyers, purchasing equities worth ₹5,392.94 crore on Thursday, continuing their positive participation in the Indian markets.

Thursday's Rally Recalled​

Markets had witnessed a strong upsurge in the previous session. The Sensex had jumped 1,200.18 points (1.48%) to close at a seven-month high of 82,530.74, while the Nifty surged 395.20 points (1.60%) to settle at 25,062.10.

Outlook​

Despite Friday’s early losses, the broader market sentiment remains cautiously optimistic. Investors closely monitor global cues and sector-specific developments, especially in the IT and banking segments, as they navigate through short-term volatility.