Opening Bell: Markets snap 4-day gaining streak, Sensex, Nifty give up key levels - IT, bank stocks drag

Amid weak global cues, the Indian markets snapped 4-day gaining streak, as both the benchmark indices – Sensex and Nifty50 – slipped almost 1 per cent each in the opening trade on Thursday.

At the market open, the BSE Sensex is down over 491 points or 0.82 per cent to 59731, and Nifty50 is down 157 points or 0.87 per cent to 17,768 intraday. Following the benchmarks suite, even the broader markets declined as mid-cap up and small-cap each down around 1 per cent at the open.

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The 12-share banking index lead the maximum decline in the benchmark, as Nifty Bank is slipped over 453 points or 1.2 per cent to 37,424-level, dragged by private lenders HDFC Bank. 

As many as 5 stocks advanced and 45 stocks declined on Nifty50 at the open. IT heavyweights such as Tech Mahindra, Infosys, and HCL Tech each down 1.7 per cent, followed by Eicher Motors and HDFC Bank down 1.6 and 1.5 per cent respectively at the market open.

The only five stocks that opened in the green are Sun Pharma, Bharti Airtel, Dr Reddy, Hindalco, Cipla each up between 0.6-0.8 per cent in the early morning trade on Thursday.

All sectoral indices opened in the red, with Nifty IT, Bank and Financials each slipped over 1 per cent, followed by Auto and FMCG. Minutes after open, the metal index reported strength at open.