Domestic benchmark indices Sensex and Nifty opened lower on Friday, tracking negative cues from global markets amid rising crude oil prices and uncertainty over the Strait of Hormuz, which kept investor sentiment cautious.

At 9:18 am, the BSE Sensex declined 204.43 points, or 0.26%, to 77,459.57, after falling 251 points in early trade. The NSE Nifty slipped 57.50 points, or 0.24%, to 24,115.55, briefly touching a low of 24,100.25.

Among Sensex constituents, Infosys slipped 3.28% to Rs 1201.90. HCL Technologies declined 2.16%, while Sun Pharma, TCS and ICICI Bank fell 1.76%, 1.01% and 0.56%, respectively.

“A mid to long-term market direction will emerge only from clarity on the conflict resolution, particularly on the opening of the Hormuz Strait,” said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd.

“Till then crude price will continue to fluctuate impacting the market in the process. This week Brent crude is up 18% to above $106,” Vijayakumar added.

Broader Asian markets traded mostly lower today. Japan’s Nikkei 225 gained 0.34% to 59,343.40, while South Korea’s Kospi edged down 0.28% to 6,457.85, and Hong Kong’s Hang Seng dropped 0.38% to 25,817.89. 

Wall Street ended lower overnight, with all three major indices closing in the red. The S&P 500 slipped 0.41% to close at 7,108.40, while the Dow Jones Industrial Average declined 0.36% to end at 49,310.32. The Nasdaq Composite fell 0.89% to settle at 24,438.50.

“Given the prevailing global uncertainties and elevated volatility, a cautious and selective investment strategy is recommended,” said Hitesh Tailor, research analyst, Choice Equity Broking Private Ltd.

“Fresh long positions should ideally be initiated only after the Nifty decisively breaks above and sustains the 24,500 level, which would signal improving sentiment and the possibility of a more sustained bullish trend,” Tailor added.

In the previous session on Thursday, the Sensex declined 852.49 points, or 1.09%, to settle at 77,664, while the Nifty slipped 205.05 points, or 0.84%, to close at 24,173.05.