Mumbai, August 7 — Domestic equity markets opened on a mildly negative note on Friday amid a surge in crude oil prices and following global cues ahead of key US economic data.

The Sensex opened at 78,516.08, down 438.68 points or 0.56 per cent, while the Nifty decreased by 97.10 points or 0.39 per cent to 24,538.90.

Sector-wise, financials, banking and cement shares faced selling pressure in early trade. The Nifty Financial Services Ex-Bank, Nifty Cement, Nifty PSU Bank and Nifty Private Bank indices declined by up to 1 per cent.

In contrast, IT, auto, real estate, FMCG and telecom stocks were among the gainers. The Nifty IT, Nifty MidSmall IT & Telecom, Nifty Auto, Nifty Realty and Nifty FMCG indices surged by up to 1.5 per cent.

According to market experts, the broader market is consolidating and slowly inching higher. This trend is likely to continue in the near term as it prepares for an eventual breakout on the upside. Analysts highlighted three key takeaways from the ongoing Q1 results season that investors should keep in mind.

First, most companies in sectors such as financials, automobiles, pharmaceuticals and telecom have delivered double-digit revenue and profit growth rates. This performance has imparted resilience to their stock prices.

Second, the IT sector continued to face headwinds from sluggish growth and concerns surrounding the impact of artificial intelligence on the industry.

Third, commodities such as metals and oil presented a mixed picture.

Going forward, financials, automobiles, telecom and capital goods are expected to maintain their growth momentum, experts said. The broader market has delivered superior growth, but elevated valuations are likely to constrain further upward movement.

Meanwhile, crude oil prices edged higher amid persistent geopolitical tensions. The international benchmark Brent crude jumped more than 1 per cent to $83.83 per barrel, while US West Texas Intermediate crude also traded over 1 per cent higher at $78.42.

The early session reflected a cautious tone among investors as they weighed rising energy costs against selective sectoral strength and the broader earnings backdrop.