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Indian equity benchmark indices opened lower on Friday, extending losses for a second consecutive session amid weak global cues and cautious investor sentiment ahead of the Reserve Bank of India’s monetary policy decision later in the day.

The 30-share BSE Sensex declined 127.14 points or 0.15 per cent to 83,186.79 in early trade. The index opened at 83,249.32, lower than its previous close of 83,313.93. During early hours, the Sensex moved in a narrow range, touching a high of 83,322.21 and a low of 83,181.02.

The NSE Nifty also traded lower, slipping 43.05 points or 0.17 per cent to 25,599.75 in early trade. By 09:28 am, the Nifty was trading at 25,579.50, down 0.25 per cent, as investors largely stayed on the sidelines ahead of the RBI’s MPC policy outcome.

Market participants remained cautious as expectations are that the central bank may keep the repo rate unchanged, while commentary on liquidity conditions is likely to be closely tracked. Traders refrained from taking aggressive positions ahead of the policy announcement scheduled later in the day.

On Thursday, domestic equity markets had moved within a tight range, reflecting a wait-and-watch approach among investors. Analysts said the Nifty remained in a narrow consolidation band, repeatedly failing to sustain gains or losses due to the absence of fresh domestic triggers.

Global markets provided weak cues on Friday. Asian equities came under pressure after global stocks extended losses following a sharp sell-off in US technology stocks and cryptocurrencies, which dampened overall risk appetite. Silver prices declined further, while US Treasuries advanced, signalling a shift towards safer assets.

Among Asian markets, S&P 500 futures were down 0.3 per cent. Japan’s Topix rose 0.6 per cent, while Australia’s S&P/ASX 200 fell 1.8 per cent. Hong Kong’s Hang Seng declined 1.6 per cent and the Shanghai Composite slipped 0.1 per cent.

Back home, market breadth remained weak, with broader indices underperforming frontline benchmarks. The Nifty Midcap and Smallcap indices traded in the red, reflecting selling pressure across mid- and small-sized stocks.

The Nifty Midcap index fell up to 0.84 per cent, while the Nifty Smallcap index declined as much as 1.32 per cent. The Nifty 100 slipped 0.30 per cent, the Nifty 200 declined 0.36 per cent and the Nifty 500 traded 0.44 per cent lower in early trade.

Sectorally, losses were led by information technology and healthcare stocks. The Nifty IT index fell 1.96 per cent, while the Nifty Pharma index declined 1.23 per cent. The Nifty Healthcare index was down 1.18 per cent, and the Nifty Metal index slipped 0.55 per cent.

Auto and FMCG stocks also traded lower. The Nifty Auto index declined 0.52 per cent, while the Nifty FMCG index was down 0.31 per cent. Realty and media indices also remained under pressure in early trade.

In contrast, financial stocks showed some resilience. The Nifty Bank index traded flat to marginally higher, while the Nifty Private Bank index gained 0.19 per cent. The Nifty Financial Services index was up 0.07 per cent.

Among Sensex stocks, Bajaj Finance, Bharti Airtel, Kotak Mahindra Bank, Bajaj Finserv, Power Grid and ICICI Bank were among the early gainers. Bajaj Finance rose over 1 per cent, while Bharti Airtel gained nearly 1 per cent in early trade.

On the losing side, IT majors such as TCS, Infosys, HCL Technologies and Tech Mahindra declined sharply. NTPC, BEL, Asian Paints, Tata Steel, Sun Pharma and Hindustan Unilever also traded lower.