Indian stock markets opened near the flatline on Friday - the last trading session of the week. At the time of writing this report, Sensex and Nifty were largely steady.
The subdued market sentiment is due to the possibility of slowing global economic growth this year and the latest pulling out of funds by foreign portfolio investors (FPIs) from Indian stocks.
Foreign portfolio investors have sold assets worth about Rs 17,237 crore in Indian stock markets so far in 2023, the latest data from National Securities Depository showed.
Indian stocks opened the new week's trade marginally higher but concerns over slowing global economic growth continue to remain on the investors' mind.
According to exchanges, BSE Sensex dropped 176 points to 59,781.42 while NSE Nifty 50 dipped 55 points to 17,826.45 points in morning trade on Friday. It is expected that domestic stocks might strengthen later in the session.
Indian stock indices have extended losses for the second straight session, largely due to continued selling by foreign investors on concerns over higher stock valuations.
TCS, among the Nifty 50 companies, was the top loser this morning. It declined over 2 per cent. Analysts attribute the decline to less-than-estimated earnings during the October-December quarter.