Sensex, Nifty Open Lower On Muted Global Cues

Indian shares opened lower on Friday due to muted global cues as Middle East tensions persisted, and investors trimmed their bets on Federal Reserve interest-rate cuts this year.

The benchmark S&P/BSE Sensex dropped 304 points, or 0.4 percent, to 80,702 in early trade while the broader NSE Nifty index was down 93 points, or 0.4 percent, at 24,657.

Infosys fell 2.6 percent, while Wipro jumped 4.8 percent and Axis Bank rallied 3.5 percent after declaring their quarterly earnings results.

TCS, Tata Motors and Eicher Motors all were up around 1 percent while ITC, Nestle India, Bajaj Auto and Titan Company fell 2-3 percent.

Oil edged up in Asian trading but was on track for its biggest weekly loss in over a month due to China demand concerns and worries over a global glut.