Stock market today: Sensex slips 152 pts, Nifty below 25,600 ahead of RBI policy outcome

Domestic equity benchmarks Sensex and Nifty opened on a negative note in early trade on Friday, tracking mixed cues from global markets ahead of the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) decision due later in the day.

At 9:17 am, the BSE Sensex was down 151.59 points, or 0.18%, to 83,162.34. The NSE Nifty slipped 57.20 points, or 0.22%, to 25,585.60.

Global markets have a risk-off sentiment. Bitcoin has dropped BELow $64,000. Silver has fallen to $71 from its recent peak of 121. Despite widespread uncertainty in global geopolitics, even the safe-haven gold has fallen in value, said VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited.

Among Sensex constituents, Infosys declined 1.94% to Rs 1490.30. Tata Consultancy Services (TCS) slipped 1.74%, while Tech Mahindra, NTPC and Bharat Electronics (BEL) fell 1.45%, 1.39% and 1.29%, respectively. 

Asian markets traded mostly lower. At last check, Japan’s Nikkei 225 gained 0.47% to 54,073.52, while South Korea’s Kospi slipped 1.71% to 5,075.24. Hong Kong’s Hang Seng Index dropped 1.24% to 26,550.63.

Wall Street ended mixed overnight, with all three major indices closed in the red. The S&P 500 slipped 1.23% to close at 6,798.40, while the Dow Jones Industrial Average declined 1.20% to 48,908.72. The Nasdaq Composite dropped 1.59% to settle at 22,540.59.

“The tech-heavy Nasdaq has been steadily weakening and is now 6% down from its peak. The selloff in tech and AI stocks and a departure from AI trade would be good for India in the medium term, but for that, further weakening of the AI trade is required. So, watch out for the trend in AI stocks,” Vijayakumar said.

Meanwhile, on Thursday, the Sensex slipped 503.76 points, or 0.60%, to end at 83,313.93, while the Nifty rose 133.20 points, or 0.52%, to settle at 25,642.80.

Vijayakumar said a positive market trigger in the form of an MPC rate cut is unlikely today because the MPC is expected to keep rates unchanged. “Any change in the stance also is unlikely. However the tone of the policy can be dovish and the Central Bank may revise the growth targets for FY27 upwards improving sentiments," he added.

“Amid persistent global uncertainties and heightened market volatility, traders should adopt a selective and disciplined approach, prioritizing stocks with strong fundamentals during market pullbacks. New long positions are best initiated only after the Nifty registers a clear and sustained breakout above the 26,000 mark, indicating a tangible improvement in overall market sentiment," said Hitesh Tailor, Research Analyst, Choice Equity Broking Private Limited.