Mumbai, Aug 22
The Indian benchmark indices began the Friday morning session in the red zone, following a week-long rally, amid mixed global cues.
The BSE Sensex declined 290 points or 0.35 per cent to 81,709. Nifty 50 slipped 93 points or 0.37 per cent to 24,990 points.
Broader markets started the day mixed, as the Nifty midcap 100 index edged up slightly by 0.06 per cent, while Nifty smallcap index 100 fell by 0.24 per cent.
Among sectoral indices, Nifty Bank (-0.45 per cent), Nifty IT (-0.27 per cent) ended lower. The FMCG and metal stocks also showed losses. Most of the other indices showed minor gains.
"The headwinds for the market from US tariffs will weigh on markets, constraining the rally of the last six days. A significant trend in the market is the outperformance of large caps, which is desirable and fundamentally justified," said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
"While Nifty is up by 1 per cent during the last year, Nifty Midcap 150 is down by 0.35 per cent and Nifty Smallcap 250 is down by 4.7 per cent during the same period. This trend is fundamentally justified and likely to continue. Midcap IT is showing resilience now," he added.