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.
Sensex dropped below 60,000 by losing 452 points to 59,900.37 level and Nifty also declined 154 points to 17,837.45 level. The investors were on wait and watch mode as they wait for the US key jobs report which is due for release later on Friday.
The US Federal Reserve officials believe it would not be "appropriate" to begin loosening monetary policy stance in terms of interest rate in 2023, Minutes from the latest policy meeting held on December 13-14 showed.