Mumbai, Jul 25 (IANS): Indian equity indices opened in the deep red on Thursday following negative cues from global markets.

At 9.43 a.m., Sensex was at 79,697, down 450 points or 0.56 per cent and Nifty was down 125 points or 0.51 per cent at 24,288.

Midcap and smallcap stocks are seeing less decline. The Nifty Midcap index is down 225 points or 0.40 per cent at 56,647 and the Nifty Smallcap index is at 18,672, down 50 points or 0.27 per cent.

Among the sectoral indices, Metal, realty, pharma, IT, PSU bank and energy index are major laggards. FMCG and Media index are major gainers.

Banking shares are leading the fall. Nifty Bank is down by 551 points or more than one per cent at 50,756.

Twenty-four out of 30 Sensex stocks are trading in the red.

Axis Bank, JSW Steel, Tata Steel, ICICI Bank, UltraTech Cement, and Power Grid are the top losers. Tata Motors, L&T, HDFC Bank, and ITC are the top gainers.

Almost all markets in Asia are trading in the red. Heavy selling was seen in the US markets on Wednesday.

According to market experts, "Global cues have turned distinctly negative with a sharp 3.64 per cent cut in Nasdaq, which is the worst cut in 2024. The tech stocks, which have been driving the rally in the US, are facing the brunt of selling due to worse-than-expected results and news."

"In India, too, the sentiments have turned a bit negative on the Budget proposals to raise the capital gains tax," They added.