Nifty, Sensex open flat, slip to red day after fresh record highs

Stock market news: Benchmark indices opened flat on Friday as the rally to record highs in the previous session lost steam. The Nifty 50 opened at 25,430.45, marginally higher than the previous close of 25,388.9. The Sensex opened at 83,091.55 against the previous close of 82,962.71.

As of 9:40 am IST, the 30-share S&P BSE Sensex was trading 166.6 points (0.22 per cent) lower at 82,796.11 while the broader NSE Nifty 50 was trading 57.1 points (0.22 per cent) lower at 25,331.80.

Indian shares are witnessing a mild pullback after scaling fresh record highs in the previous session. The GIFT Nifty had indicated a flat opening near Thursday's record closing level but markets have slipped into the red.

Both Nifty and Sensex jumped close to 2 per cent on Thursday, riding on foreign inflows and hopes of a rate cut in China to revive consumption. Foreign portfolio investors net purchased Indian equities worth Rs 76.95 billion, the most since June 19.

Economic Data

India's retail inflation in August stayed lower than the central bank's tolerance level of 4 per cent for the second month in a row. Still, an uptick in food prices took some steam out of hopes of deeper rate cuts common in global markets.

Asian Highlights MSCI Asia ex-Japan was up 0.6 per cent in early trade, and the Wall Street equities closed higher, as the Fed seen cutting rates by 25 basis points next week after producer price index data showed a slower-than-expected increase in wholesale inflation.