Sensex opens lower on negative global cues

Mumbai, Aug 2: Indian stock indices opened lower on Friday following negative cues from global markets.

At 9:23 a.m., Sensex was down 587 points or 0.72 per cent at 81,280 and Nifty was down 185 points or 0.74 per cent at 24,825.

Selling is seen in the broader markets. Nifty midcap is down 297 points or 0.51 per cent at 58,193 and Nifty smallcap 100 index is down 94 points and 0.49 per cent at 18,855.

On the National Stock Exchange (NSE), 570 shares are in the green and 1,545 shares are in the red.

In the Sensex pack, HUL, Sun Pharma, HDFC Bank, ITC, Nestle and Asian Paints are the top gainers. Tata Motors, Maruti Suzuki, Tata Steel, JSW Steel and L&T are the top losers.

Among the sectoral indices, Auto, IT, PSU Bank and Fin Service are major laggards. Pharma and FMCG are the major gainers.

Deven Mehata, Research Analyst of Choice Broking said, "After a gap down opening, Nifty can find support at 24,800 followed by 24,750 and 24,700. On the higher side, 25,000 can be an immediate resistance, followed by 25,050 and 25,100."

All major Asian markets are trading in the red. The US markets closed in the red on Thursday's session.

Market experts said, "The sudden turn for the worse for the US economy reflected in the ISM Manufacturing index dipping sharply to 46.6 spooked the US and other developed country markets yesterday. This has brought back recession fears in the US."

The foreign institutional investors (FIIs) turned net buyers as they bought equities worth Rs 2,089 crore on August 1, while domestic institutional investors sold equities worth Rs 337 crore on the same day.