Indian Equity Markets Open Negative Amid Crude Oil Price Surge
The Indian equity markets opened on a negative note on Friday due to the surge in crude oil prices and global cues. The benchmark indices, Sensex and Nifty, declined by 0.56% and 0.39%, respectively.
Sensex opened at 78,516.08, while Nifty decreased to 24,538.90. Financials, banking, and cement shares were under selling pressure, with declines up to 1%. However, IT, auto, real estate, FMCG, and telecom stocks gained, surging up to 1.5%.
According to experts, the market is consolidating and inching up slowly. They predict that this trend will continue in the near-term before breaking out on the upside. The Q1 results have shown double-digit revenue and profit growth rates for companies in sectors like financials, automobiles, pharmaceuticals, and telecom.
However, IT continues to face headwinds due to sluggish growth and concerns surrounding AI's impact on the sector. Commodity prices have been mixed, with metals and oil experiencing a mixed bag.