Share market Opening Bell! Nifty, Sensex open with minor cuts - near record high; SBI Life along with IT stocks slump most

The Indian market started Thursday’s session with minor cuts following the global markets cue ahead of the long weekend. Nifty opens around 17,300 and Sensex near 58,200 – near record-high levels. 

The BSE Sensex slumped over 77 points or 0.13 per cent to 58173 while Nifty declined by over 40 points or 0.23 per cent to 17312.8 levels on Thursday morning. In the broader markets, the mid-cap Index following the same suite of benchmarks, slipped over 46 points or 0.16 per cent to 29208.8. 

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While leading the decline in the Nifty Index, Nifty Bank also opened in the red, after powering most to the benchmarks on Wednesday, it fell over 42 points or 0.12 per cent to 36725.75 levels.

Of 50 scrips on Nifty50, 26 advanced, 22 declined and two remained unchanged minutes after the market open today. Kotak Mahindra Bank picked up from where it left yesterday and opened as top index gainer today surging by almost 1 per cent, followed by Hindalco, TCS, Grasim and HCL Tech.

On the contrary, SBI Life declined most by over 2.5 per cent, as the minority stakeholder Canada Pension Fund a sold 2.4 crore shares trade in multiple block deals. Besides, Wipro, M&M, Shree Cement, Tech Mahindra to contributed to markets fall by around 1 per cent each at open.  

At least five sectoral indices were trading in red, while rest all other in the green minutes after market open on Thursday. Nifty Pharma and Realty slumped most in the negative trade, while Nifty Metal along with PSU Bank stocks holding the market from further fall in the early morning trade. 

On the global front, the US markets see profit booking for the 2nd day running as caution prevails on growth as jobs numbers disappointment lingers on. While Asian markets opened in the red led by the Japanese 'Nikkei' which has seen a superb rally in the last 5 days amid new Prime Minister-elect.

Another important trigger to domestic markets, Foreign Institutional Investors (FIIs) on Wednesday sold shares worth Rs 802.51 crore in cash and Rs 6 crore in index futures.

The Nifty on Wednesday closed flat as last hour buying/short covering saw the index recover from morning losses of 125 points. Banks led the gains with Kotak and HDFC Bank leading from the front.