Indian equity benchmarks opened lower on Friday as weakness in financial stocks and a fresh rise in crude oil prices weighed on investor sentiment amid continued uncertainty in global markets.
The 30-share BSE Sensex fell 235.36 points in early trade to 78,699.80, while the broader NSE Nifty slipped 24.30 points to 24,608.25.
Among Sensex constituents, Bajaj Finance, Bajaj Finserv, Trent, ICICI Bank, Bharti Airtel and Eternal were among the prominent laggards.
Information technology stocks provided some support to the market, with Tata Consultancy Services, Tech Mahindra, HCL Technologies and Infosys trading higher.
Crude oil prices remained a key concern for investors. Brent crude, the international benchmark, rose 1.16 per cent to $83.45 a barrel.
Foreign institutional investors (FIIs) were net sellers of Indian equities on Thursday, offloading shares worth Rs 17.86 crore, according to exchange data.
Hariselvan Radhakrishnan, Founder and CEO of research analyst firm HST Wealth, said Wall Street had retreated from recent record highs as investors reduced their exposure to riskier assets amid renewed concerns over energy prices and geopolitical uncertainty.
He said crude prices had risen as doubts resurfaced over the progress and possible outcome of diplomatic negotiations involving Iran and the Strait of Hormuz.
