Indian equity markets opened in the red on Friday as a nationwide hike in fuel prices and firming global crude oil rates weighed on investor sentiment, even as global markets remained focused on the ongoing summit between the U.S. and China.
The BSE SENSEX fell 64.22 points or 0.09 per cent to 75,334.50 in early trade, while the NSE NIFTY 50 remained nearly flat with a negative bias, shedding 1.55 points to stand at 23,688.05.
"The bias is cautiously bullish, but bulls first need to clear 23,790 supply, with 24,000 the larger hurdle. 23,500 is the immediate support to defend; a breach would expose 23,300," said Rajesh Palviya, Head of Research at Axis Direct.
Also Read: India's wholesale inflation surges to 8.3% on oil shock, weak rupee
This marginal decline follows a significant policy shift as the Centre hiked the prices of petrol and diesel by ₹3 per litre each across the country. In the national capital, petrol prices rose from ₹94.77 to ₹97.77 per litre, while diesel prices increased from ₹87.67 to ₹90.67 per litre.
