Indian equities opened lower on Friday, tracking weak Asian markets as caution set in ahead of the closely watched monthly U.S. jobs report slated for release later in the day. It is believed than an upside surprise in the report could prompt the Federal Reserve to hike short-term interest rates at some point this year.
The benchmark index BSE Sensex is currently down 423 points or 1.6 percent at 25,342. The broader Nifty index is down 115 points or 1.47 percent at 7,708, with banks pacing the decliners.
Axis Bank, Yes Bank, PNB, Kotak Mahindra Bank and Bank of Baroda are down about 3 percent each, while Tata Steel is losing 2.7 percent, Tata Motors is down 2.6 percent and BHEL is declining 2.2 percent.
ONGC is rising 0.3 percent. The state-run oil explorer made it clear that it was not carrying out any coal bed methane exploration in Tamil Nadu either directly or in partnership with any other agency.
Shares of Lupin are moving up 0.7 percent. Its U.S. subsidiary Lupin Pharmaceuticals has launched its Duloxetine 40 mg delayed-release capsules in the U.S. market.
Wipro is adding 0.6 percent after it has been chosen as the official digital and IT partner for Chelsea Football Club, the reigning champions of the English Premier League.
Glenmark Pharmaceuticals is gaining 1.3 percent after completing the clinical phase I studies for its novel monoclonal antibody 'GBR 830 in the Netherlands.
The benchmark indexes Sensex and Nifty rose over 1 percent each on Thursday, as data showing improvement in India's services sector last month and positive global cues amid indications that the European Central Bank ( ECB) will expand its massive bond-buying program prompted investors to go bargain hunting following recent steep losses.
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