The Indian equity benchmark indices, Sensex and Nifty, opened lower on Friday in line with Asian peers on weak global cues amid rising tensions between the United States and China. Losses in banking stocks dragged the market lower.

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The Sensex opened 159.30 points or 0.49 percent lower at 32,041.29, while the Nifty50 index declined 67.90 points or 0.72 percent to open at 9,422.20.

Broader indices Nifty Smallcap100 and Nifty Midcap100 were trading with minor losses.

Among sectoral indices, Nifty Private Bank, Nifty IT, Nifty Metal and Nifty Auto indices fell over 1 percent each while Nifty Pharma and Nifty FMCG were the only to trade in the green.

Hindalco Industries, Axis Bank, Tata Steel, Adani Ports & SEZ and IndusInd Bank were the top Nifty50 losers while Bharti Infratel, Grasim Industries, UltraTech Cement, Cipla and Dr Reddy's Laboratories were the top gainers.

Shares of TVS Motor Company fell over 2 percent in the early trade after it reported a 45 percent decline in Q4FY20 net profit to Rs 74 crore while total revenue fell 20.6 percent to Rs 3,481.4 crore, YoY. The company's overall two-wheeler and three-wheeler sales including exports in Q4FY20 were at 6,32,920 units as against 9,07,306 units in Q4FY19.

Cadila Healthcare gained 3 percent after the company’s formulations manufacturing unit at Baddi received an Establishment Inspection Report (EIR) from USFDA.

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