Indian stocks opened lower on Friday following a key economic policy meeting in Beijing, which reiterated strong intentions to support the economy but fell short on specific policy or stimulus measures. In the domestic arena, the Industrial Production (IIP) and retail inflation data, released after markets closed on Thursday, offered no significant surprises.
The benchmark S&P/BSE Sensex fell by 50 points, amounting to a 0.7% drop, reaching 80,730 during early trading. This decline was observed across various sectors, reflecting global uncertainties and rising oil price concerns, as investors considered the potential for stricter U.S. sanctions against Iran and Russia.
Similarly, the broader NSE Nifty index slid 170 points, also down by 0.7%, landing at 24,379. Notable decliners included IndusInd Bank, Hindalco, Shriram Finance, JSW Steel, and Tata Steel, all of which saw their shares tumble between 2% and 3%.
Nalco's shares decreased by 2.3%, continuing its recent downward trend, attributed to declining alumina prices and South32's decision to withdraw production guidance.
Greenply Industries saw a 2.8% decline following its announcement of a temporary closure of its medium-density fiberboard (MDF) manufacturing plant in Gujarat.
JSW Energy dropped 2.3% amid reports that over 30 students became ill due to exposure to toxic fumes from the plant's storage tank in Ratnagiri.
On a positive note, Bajel Projects surged nearly 8% following its success in securing a contract from Solapur Transmission.
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