FIRST TRADE: Sensex falls over 250 pts; Nifty slides below 19,500 amid weakness in financial, IT stocks; Infosys down 1%

Stock market today: Domestic equity benchmarks began Monday's session in the negative zone amid weakness in financial and IT shares. Dalal Street took mildly positive cues from other Asian markets where investors awaited a key US inflation reading due this week amid persistent concerns about higher-for-longer benchmark interest rates.

The Sensex was down 268.21 points or 0.41 per cent at 64,991.24 while the Nifty was down 63.8 points or 0.34 per cent at 19,461.75. 

Among broader indices, the Nifty Mid Cap 100 and the Small Cap 100 also began the day in the red.

The high-beta Nifty Bank gauge was down 0.34 per cent at 43,845.85 at the last count. 

BUZZING STOCKS 

Biocon shares slipped over 3 per cent after the company's stock was downgraded with a lower stock price.

Glenmark Pharmaceuticals shares were down over 3 per cent after posting its September quarter results which missed estimates.

Conversely, Eicher Motors shares traded over 2 per cent higher after posting Q2 results.

Jubilant Pharmova shares were up 5 per cent after its subsidiary received approval from the US Food and Drugs Administration (USFDA) for preparation of Technetium Sulfur Colloid Injection.

BSE shares were up over 1 per cent as Morgan Stanley predicts Sensex to scale to 74,000 by December 2024.

Coal India shares were up over 1 per cent a day after the company posted its Q2 results.

GLOBAL MARKETS 

Shares edged lower Monday in quiet trading in Asia ahead of a meeting this week between U.S. President Joe Biden and Chinese leader Xi Jinping. 

Oil prices fell. On Friday, Wall Street rose sharply to add to an already strong November, which is on track to be one of the market’s best months of the year. 

Expectations for an interest rate hike by the U.S. Federal Reserve in December, despite a report showing consumer inflation expectations on the rise.

(With agency inputs) 

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