Stocks
Stock market slips at open: Sensex, Nifty extend losses as global cues turn negative
Mumbai/IBNS: The Indian stock market opened in red on Friday with Sensex crashing around 450 points while Nifty going below 25,400, media reports said.
Later, Sensex's fall further widened to over 600 points to settle at around 82,700 while Nifty remained well below 25,400.
The stock prices went down on the final day of the weekly trading following weakness in global equities.
IT, metal and banking stocks were sold heavily causing the decline in the benchmark indices.
Bharti Airtel's share prices fell by over 3 percent in early trading after reports suggested Singapore Telecommunications (Singtel) is planning to sell about 0.8% of its shares in the telecom giant through a block deal.
Reports claim Singtel is gradually reducing its stake in Bharti Airtel to free up capital and channel its concentration on primary business sectors, reported Mint.
Market guru Anil Singhvi says he expects support for the Nifty50 index at 25,325-25,450 levels and a stronger support zone at 25,175-25,275 on Friday, Zee Business reported.
Singhvi feels support will grow for the Nifty Bank emerging at Rs. 57,050-57,250 levels and a stronger support area at 56,800-57,000 levels, the broadcaster said.
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