Mumbai, March 7: The Indian benchmark indices opened marginally low on Friday amid weak global cues, as selling was seen in the IT, PSU Bank and pharma sectors in the early trade.

At around 9.30 am, Sensex was trading 106.98 points or 0.14 per cent down at 74,233.11 while the Nifty declined 16.25 points or 0.07 per cent at 22,528.45.

Nifty Bank was down 127.10 points or 0.26 per cent at 48,500.60. The Nifty Midcap 100 index was trading at 49,398.40 after gaining 50.30 points or 0.10 per cent. Nifty Smallcap 100 index was at 15,499.30 after rising 98.95 points or 0.64 per cent.

According to market watchers, after a negative opening, Nifty can find support at 22,500, followed by 22,400 and 22,300. On the higher side, 22,600 can be an immediate resistance, followed by 22,700 and 22,800.

US President Donald Trump has suspended the 25 per cent tariffs he imposed this week on most goods from Canada and Mexico. This is the latest twist in a fluctuating trade policy that has whipsawed financial markets and fanned worries over inflation and a growth slowdown.

"Traders should prepare for larger swings across different asset classes during what might be a period of significant market shifts. Indian markets are poised to open lower on Trump’s tariffs, fuelling uncertainties," said Devarsh Vakil, Head of Prime Research at HDFC Securities.

Meanwhile, in the Sensex pack, Adani Ports, Axis Bank, L&T, Bajaj Finserv, Tata Steel, IndusInd Bank, PowerGrid, Nestle India, Maruti Suzuki and Bajaj Finance were the top gainers. Whereas, Infosys, Zomato, HCLTech, Tech Mahindra and ICICI Bank were the top losers.

In the last trading session, Dow Jones declined 0.99 per cent to close at 42,579.08. The S&P 500 declined 1.78 per cent to 5,738.52 and the Nasdaq declined 2.61 per cent to close at 18,069.26.

In the Asian markets, Only Japan and Seoul were trading in red. Whereas Bangkok, China, Jakarta and Hong Kong were trading in green.

The foreign institutional investors (FIIs) extended their selling on March 6 as they sold equities worth Rs 2,377.32 crore. However, domestic institutional investors (DIIs) bought equities worth Rs 1,617.80 crore, on the same day.

--IANS

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