Share Market Opening Bell! Nifty opens below 17450, Sensex shed 400 pts; metal stocks top losers
The Indian market started the first day of this week’s session on a negative note on the back of weak global cues. Nifty opened below 17450, while Sensex declined almost 400 points today. Even the mid-cap followed the suite of benchmarks to open gap-down on Monday.
The BSE Sensex slumped over 383 points or 0.65 per cent to 58632.7, while Nifty50 slipped over 141 points or 0.8 per cent to 17443.8 levels on Monday. While in the broader markets, Mid-cap Index also tumbled over 262 points or 0.88 per cent to 29636.7 levels today at the market open.
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Dragging most the Nifty50, Nifty Bank dipped over 423 points or 1.12 per cent to 37988 levels, led by IndusInd Bank
Of 50 scrips on Nifty50, 5 advanced, 44 declined and one remained unchanged minutes after the market open today. Metal stocks such as Tata Steel declined most by almost 4.5 per cent, followed by JSW Steel and Hindalco down over 3 and 2.5 per cent respectively in metal space.
While Eicher Motors slumped second-most by over 4 per cent amid reports that the company may see fresh rounds of exits at top levels. Stocks such as Hero Moto, Bajaj Auto, IndusInd Bank, Tata Motors, M&M, Wipro, HDFC Life, SBI among other heavyweights declined over 1 per cent each.
On the contrary, FMCG majors such as HUL and ITC gained most in the otherwise negative market by over 1 per cent minutes after the market open on Monday, Divis Lab, ONGC and HCL Tech too reported gains in the early morning trade today.
All sectoral indices on NSE opened in the red in the early morning trade with Nifty Metal dragging most the market by over 3 per cent, followed by Auto, Pharma and Bank stocks on Monday.
Globally, US markets closed negative on Friday as Dow Jones loses 166 while Nasdaq has its worst week in over 2 months ending lower by 138 points. Asian markets too opened weak on Monday.
Foreign Institutional Investors (FIIs), another important trigger to domestic markets, bought shares worth Rs 1552.59 crore in cash and sold Rs 1398.55 crore in index futures on Friday.
The Nifty on Friday closed on a volatile note, as the index gyrated over 255 points before closing lower by 44 points, private banks and financial services lifted the benchmark most.
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