FIRST TRADE: Sensex down 200 pts, Nifty slips below 18,700; HDFC AMC zooms 9%

Stock market today: As anticipated, the domestic equities witnessed a soft start to trading on Tuesday amid weak global cues. The S&P BSE Sensex traded over 200 points lower around 62,920.38 levels while the NSE Nifty slipped below the 18,700 mark to 18,673.50 points, down 46 points, or 0.24 per cent.

“Markets are likely to be on the back foot in early Tuesday trades amid weak global cues, even as People's Bank of China (PBoC), as widely expected, slashed its key lending rates. Multiple factors such as mounting Chinese growth fears, FII & DIIs turning sellers in yesterday’s trade, anxiety ahead of Powell’s Wednesday testimony before the US Congress, and a delayed monsoon would prompt investors to trade with caution. The flow of the global market trend would continue to dictate the sentiment back home. While Nifty is close to its all-time high level of 18,888 mark, sharp intra-day volatile moves could dent the sentiment," said Prashanth Tapse, Senior VP (Research), Mehta Equities.

Gainers & Losers 

On S&P BSE Sensex Power Grid was the top gainer, followed by Tech Mahindra, Wipro, Tata Steel, Infosys, and NTPC. Conversely, Bajaj Finance, Mahindra & Mahindra (M&M), Bajaj Finserv, Asian Paints, and HUL were among the top losers. 

Broader markets 

Nifty Midcap 100 and Smallcap 100 both inched higher by 0.1 per cent at the opening. Nifty Midcap 100 opened at 35,195 and Smallcap 100 opened at 10,779.7.

Buzzing stocks

Among buzzing stocks, HDFC AMC jumped almost 9 per cent after, as per reports, block deals. The company's promoter Aberdeen Investment Management was expected to sell a 10.2 per cent stake in the company today. InterGlobe Aviation stock opened over 2 per cent higher as the company ordered 500 Airbus A320 aircraft which will be delivered between 2030-335. Can Fin Homes shares also opened over 2 per cent higher as the board approved fundraising up to Rs 5,000 crore.  ITI Ltd opened over 1 per cent higher after the company signed a tripartite memorandum of understanding with TCIL and CDOT to synergize the R&D initiative. 

Conversely, Timken India stock plunged over 11 per cent after promoters proposed to sell stakes via a block deal.

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