The stock market indices opened weaker on Friday, with the S&P BSE Sensex falling 206.66 points or 0.32% to 64,944.36 at 9:19 am. The NSE Nifty50 was also down 55.65 points to 19,309.60. This weak momentum continued from the previous trading session. The broader market indices were also affected by sustained volatility. While Nifty Pharma and Nifty Media opened in the green, heavyweight sectors such as Nifty Bank, Nifty Financial Services, and Nifty IT fell.
The Nifty IT index experienced a decline of over 1 percent, which can be attributed to global weakness in the market. This weakness is primarily driven by concerns over the US Federal Reserve’s potential rate hikes and the ongoing economic situation in China. This has created uncertainty and investor unease, leading to a negative impact on the Nifty IT index.
Indian stock market has seen a mixed performance with some companies gaining and others experiencing losses. The volatility can be attributed to factors such as retail inflation and concerns over the Chinese economic situation.
The high volatility in the domestic markets can also be influenced by the ongoing economic concerns in China. As one of the key players in the global supply chain, any prolonged disruption in China’s economy could have severe repercussions on the global economy
