HDFC, HDFC Bank and ICICI Bank were the biggest drags on the Sensex
Domestic stock markets fell in early trade on Friday as Asian equities paused short of a six-month high amid rising COVID-19 cases around the world. The S&P BSE Sensex index declined as much as 0.88 per cent - or 335.9 points - to 37,804.57, shortly after opening down 190.88 points at 37,949.59. The broader NSE Nifty 50 benchmark slid to as low as 11,123.65, down 91.8 points (0.82 per cent) from its previous close, having started the day down 0.58 per cent at 11,149.95. Losses in financial and automobile stocks weighed on the markets, however gains in energy and pharmaceutical shares limited the fall.
At 10:01 am, the Sensex traded 147.98 points - or 0.39 per cent - lower at 37,992.49, while the Nifty was down 50.50 points - or 0.45 per cent - at 11,164.95.
Axis Bank, Zee Entertainment, HDFC, Tata Consultancy Services and Bharti Infratel, trading between 2.02 per cent and 2.93 per cent lower, were the worst hit among the 43 losers in the 50-scrip Nifty basket.
Reliance Industries and Sun Pharma, up 3.99 per cent and 2.75 per cent respectively, were the top percentage gainers in the Nifty.
HDFC, HDFC Bank and ICICI Bank were the biggest drags on the Sensex.
Analysts awaited more large cap companies to report their financial results for the April-June period.
Asian markets succumbed to losses, with MSCI's broadest index of Asia Pacific shares outside Japan last seen trading 0.90 per cent lower. However, it was still up more than 1 per cent for the week, and near its highest since mid-January.
While the Japanese markets were shut for a holiday, China's Shanghai Composite traded 1.74 per cent lower, while Hong Kong's Hang Seng and South Korea's KOSPI indices were down 1.55 per cent and 0.06 per cent respectively.
The E-Mini S&P 500 futures were down 0.10 per cent at the time, indicating a flat to negative start for US markets on Friday.
Overnight in the US, shares fell amid tensions between the world's two largest economies and an unexpected rise in American jobless claims, suggesting the labour market was stalling amid a resurgence in new COVID-19 cases.
The S&P 500 index closed 1.23 per cent lower, the Dow Jones Industrial Average index declined 1.31 per cent and the technology stocks-heavy Nasdaq Composite gauge fell 2.29 per cent.
On Thursday, the Sensex had ended 268.95 points - or 0.71 per cent - higher at 38,140.47, and the Nifty settled at 11,215.45, up 82.85 points - or 0.74 per cent - from its previous close, as the markets resumed their upmove after a day's pause following a rally that lasted five days.
