Sensex, Nifty start on tepid note amid weak global cues

Equity benchmarks Sensex and Nifty opened on a tepid note on Friday, tracking subdued cues from global markets.

The 30-share BSE index was trading 25.74 points or 0.06 per cent higher at 44,285.48. Similarly, the broader NSE Nifty slipped 17.60 points or 0.14 per cent to 13,004.60.

NTPC was the top gainer in the Sensex pack, rising around 2 per cent, followed by Bajaj Auto, Maruti, Tech Mahindra, L&T, Asian Paints and Bajaj Finance.

On the other hand, PowerGrid, Reliance Industries and TCS were among the laggards.

In the previous session, Sensex ended 431.64 points or 0.98 per cent higher at 44,259.74, and Nifty surged 128.60 points or 1 per cent to 12,987.

Foreign institutional investors remained net buyers in the capital market as they purchased shares worth Rs 2,027.31 crore on a net basis on Thursday, according to provisional exchange data.

Domestic markets do not appear to be inspiring at the moment as most of Asian markets are trading in red, said Binod Modi, Head- Strategy at Reliance Securities.

"Continued buying in BFSIs has been driving markets with robust FPIs flow for November so far. Going ahead, considering better prospects of earnings rebound in banks and favourable valuations, further buying in banking and financials cannot be ruled out," he noted.

US markets were closed on Thursday due to Thanksgiving holiday. However, European stocks witnessed pressure as rising COVID-19 cases across Europe and extension of partial lockdown in Germany until December dented investor sentiment.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul were trading with losses in mid-session deals, while Tokyo was in the positive territory.

Meanwhile, Brent crude futures, the global oil benchmark, was trading 0.02 per cent higher at $47.80 per barrel.