Sensex has dropped almost 200 points, and the Nifty below 15,300

Sensex was down 215 points, at 51,280, while the NSE Nifty 50 index was down 86 points, at 15,274.

In contrast to the SGX index, the Indian stocks benchmark opened on a negative note on Friday. The 30-share BSE Sensex was down 215 points, or 0.42 percent, at 51,280 at 9:21 a.m., while the NSE Nifty 50 index was down 86 points, or 0.56 percent, at 15,274. The Sensex fell to a 52-week low of 51,425 on Thursday, while the Nifty 50 index fell to a 52-week low of 15,335.

The Nifty Midcap 50 index dropped 0.79 percent to 7,139 points, while the Nifty Midcap 100 index dropped 0.94 percent to 25,935. Except for metal stocks, all major sectoral indexes were in the red in early trade, with substantial selling in pharma, healthcare, real estate, and consumer durables.

Bajaj Auto, Coal India Limited, Reliance Industries, Tata Steel, and Hindalco were the top gainers among NSE listed firms, while Titan, Asian Paint, Dr. Reddy’s Laboratories, Wipro, and Nestle India were the top losers. Reliance Industries, Tata Steel, and NTPC were the only BSE-listed businesses to gain ground, while Titan, Wipro, Asian Paint, Dr. Reddy’s TCS, Nestle India, and Sun Pharma were the biggest losses.

In the meantime, Asia’s major indices were trading cautiously on Friday. The Nikkei 225 in Japan plummeted 2.27 percent, while the KOSPI in South Korea fell 1.23 percent. The Hang Seng index in Hong Kong was up 0.95 percent. The Shanghai Composite Index increased 0.39 percent, while the Shenzhen Component Index rose 0.23 percent.

The major US indices were trading lower on Thursday, a day after the Federal Reserve increased the overnight lending rate by 75 basis points. The S&P 500 index fell 123.22 points, or 3.3%, to 3,666, while the Dow Jones Industrial Average down 741 points, or 2.4%, to 29,927. At 11,098, the Nasdaq Composite was up 270 points, or 2.5 percent.

In India, foreign institutional investors (FII) continued to be net sellers worth Rs 3,257 crore on Thursday, while domestic institutional investors (DII) were net buyers worth Rs 1,929 crore.

In particular, Indian equities investors have lost Rs 15.74 lakh crore in the last five days due to weak global cues, ongoing capital outflows, and inflation fears. The Indian Rupee bounced back from a record low against the US Dollar, closing 12 paise higher at 78.10.

Crude oil prices fell slightly on Friday as concerns about global economic growth, as well as stock market volatility, continued to weigh on demand. Brent crude futures were down 83 cents, or 0.8 percent, to $118.98 per barrel, while West Texas Intermediate crude futures were down 80 cents, or 0.7 percent, to $116.79 per barrel.

Tata Motors, Wipro, Dr. Reddy’s Laboratories, Grasim, RITES, Telcos, and Fineotax Chemical will be the stocks to watch on Friday.