The Indian equity markets traded lower early on Friday as the metal stocks plummeted under pressure.
As of 9.30 am, Sensex eased 525 points, or 0.64 per cent, to reach 82,040, and Nifty lost 159 points, or 0.63 per cent, to settle at 25,259.
Main broad-cap indices posted higher losses than the benchmark indices, as the Nifty Midcap 100 declined 0.81 per cent, and the Nifty Smallcap 100 lost 1.19 per cent.
All sectoral indices were trading in the red except FMCG, pharma and consumer durables. Nifty metal and IT were down 4.28 per cent and 1.41 per cent, respectively.
Immediate support lies at 25,250-25,300 zone, while resistance is anchored at 25,550–25,600 zone, market watchers said.
Analysts said that geopolitical issues continue to plague global trade with continuous threats of tariff weaponisation by US President Donald Trump. The spike in Brent crude to near $70 is a headwind for Indian macros in general and industries that use oil as inputs, in particular.
These headwinds are likely to be countered by the positive message from the Economic Survey that projects GDP growth of 6.8 per cent to 7.2 per cent growth in FY 27.
As India is headed for around 10 per cent nominal GDP growth in FY27, 15 to 17 per cent earnings growth can be expected in FY27, imparting resilience to the market.
From early 2027 onwards, India's success in diversification of its export market away from the US will gain momentum with the India- EU trade deal getting implemented, they added.
Asia-Pacific markets mostly traded lower in the morning session after Trump said he will announce his choice for the next head of the US Federal Reserve on Friday.
In Asian markets, China's Shanghai index eased 1.19 per cent, and Shenzhen lost 0.96 per cent, Japan's Nikkei declined 0.35, and Hong Kong's Hang Seng Index lost 1.66 per cent. South Korea's Kospi added 0.59 per cent.
The US markets ended largely in the green overnight as Nasdaq lost 0.72 per cent. The S&P 500 eased 0.13 per cent, and the Dow gained 0.11 per cent.
On January 29, foreign institutional investors (FIIs) net sold equities worth Rs 394 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 2,634 crore.
(With inputs from IANS)
