Sensex, Nifty fall in early trade; stocks of Adani Group under lens

Mumbai: Benchmark equity indices Sensex and Nifty declined in early trade on Friday, tracking negative cues from Asian and global markets.

The stocks of Adani Group companies will also be in focus as index provider MSCI Inc has reduced the weightage of four firms in its index after a review.

In early deals, the 30-share BSE Sensex dropped 173.69 points or 0.29 per cent to 60,632.53 points, while the broader NSE Nifty fell 54.15 points or 0.30 per cent to 17,839.30 points.

As many as 18 stocks in the Sensex were in the red while other shares, including HDFC and Maruti, were trading with marginal gains.

In the previous session, the BSE index ended 142.43 points or 0.23 per cent higher at 60,806.22, and broader NSE Nifty advanced 21.75 points or 0.12 per cent to finish at 17,893.45.

Most of the Asian markets, including Hong Kong and China, were in negative territory.

Deepak Jasani, Head of Retail Research at HDFC Securities, said stocks in Asia were mostly lower Friday after US equities fell for a second day, and Treasury yields climbed as investors began to adjust for the prospect of higher interest rates as the Federal Reserve battles inflation.

On Thursday, Foreign Portfolio Investors were net sellers, offloading shares worth Rs 144.73 crore, according to exchange data.

Brent crude futures, the global oil benchmark, declined 0.44 per cent to USD 84.13 per barrel.