Indian equity benchmark indices opened on a negative note on Friday with Nifty around 16,500 amid weak global cues due to the US registering a 40-year high CPI level in February.

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At 09:16 am, the Sensex was down 293.52 points or 0.53 percent at 55,170.87, and the Nifty was down 86.40 points or 0.52 percent at 16,508.50. About 1,070 shares have advanced, 838 shares declined, and 87 shares are unchanged.

Tata Steel and Sun Pharma were the only gainers among the Sensex-30 pack while Coal India, Hindalco, BPCL and Britannia Industries were additional gainers on the Nifty.

Maruti Suzuki, HDFC, M&M, HUL, Nestle, Kotak Bank, Bajaj Finance were the top losers while Eicher Motors was the additional loser on Nifty.

In the broader markets, the BSE MidCap and SmallCap indices were in the negative territory, up to 0.4 percent lower.

Amid sectoral indices, Nifty Media soared 1.49 percent while Metal gained 1.24 percent. Nifty Auto, FMCG, IT were down between 0.19 to 0.27 percent.

Global crude oil prices extended losses on Friday after Russia assured to fulfil its supply obligations. At 09:10 am, the May contract of Brent on the Intercontinental Exchange was at $109.03, down 0.27 percent from previous close.

"The global stock market tumbled on Thursday as key peace talks between Russia and Ukraine came to a halt. As a result of the BJP's triumph, the market gained confidence. However, with the ECB and US Federal Reserve meetings coming up in the coming days, caution is advised," according to Mohit Nigam, Head - PMS, Hem Securities.

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First Published:Mar 11, 2022 9:45 AM IST