Opening Bell: Sensex Slides 400 Points, Nifty Below 18,200

HCL Tech was the top loser in the Sensex pack, shedding 2.49 per cent, followed by Asian Paints, HDFC, Axis Bank, Wipro, HUL, and Tech Mahindra

Midcap and smallcap shares were mixed as Nifty Midcap 100 index was down 0.18 per cent and small-cap shares were trading 0.52 per cent higher. Image: Getty

New Delhi: The domestic equity benchmarks on Friday started trading in the red led by weakness in banking and IT stocks amid weak global cues and rising Covid cases.  

The BSE index was trading 434.59 points lower at 60,800.71 in early trade. Likewise, the Nifty declined 111.10 points to 18,146.70.

HCL Tech was the top loser in the Sensex pack, shedding 2.49 per cent, followed by Asian Paints, HDFC, Axis Bank, Wipro, HUL, and Tech Mahindra. On the other hand, Reliance Industries, Maruti, Titan and Bajaj Finance were the only gainers in the pack.

Mid- and small-cap shares were mixed as Nifty Midcap 100 index was down 0.18 per cent and small-cap shares were trading 0.52 per cent higher.

In the previous session, the 30-share BSE Sensex ended 85.26 points or 0.14 per cent higher at 61,235.30. Similarly, the NSE Nifty advanced 45.45 points or 0.25 per cent to 18,257.80.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo, and Seoul were trading with heavy losses in mid-session deals.

Asian stocks dropped on Friday after a raft of Federal Reserve officials signalled they will combat inflation aggressively and the Nasdaq 100 fell to its lowest level since October, Deepak Jasani, Head of Retail Research, HDFC Securities, said.

"US stocks closed down on Thursday, as a rebound in technology shares stalled out, snapping a three-day winning streak for the Nasdaq Composite," he added.

Stock exchanges in the US ended on a negative note in the overnight session.

Meanwhile, international oil benchmark Brent crude fell 0.15 per cent to $84.34 per barrel.

Foreign institutional investors (FIIs) were net sellers in the capital market, as they sold shares worth Rs 1,390.85 crore on Thursday, according to stock exchange data.