FIRST TRADE: Indices open lower; Sensex down over 100 pts; Nifty below 19,450

Stock market today: The domestic stock market on Thursday, August 17, opened in the red, amid weak global cues. Asian markets were trading lower on concerns about China's economy and inflationary concerns in the US. The selling pressure was seen in banks, FMCG, IT, and financial services stocks.

Last seen, both indices were trading over 0.10 per cent lower. The S&P BSE Sensex was down 77.55 points, or 0.13 per cent at 65,461.87, while the NSE Nifty was down 34.6 points, or 0.17 per cent at 19,431.05.

At the time of filing this report, the Nifty Bank was down 52.50 points to 43,893.90. On the other hand, in the broader market, Nifty Mid Cap 100 and Small Cap 100 opened in green.

BUZZING STOCKS 

IRFC was down 4 per cent at Rs 49.14 apiece on the BSE after the government announced that it plans to sell its stake in Indian Railway Finance Corp.

Nava opened over 3 per cent lower after the company suspended production of silico manganese at the Odisha plant. 

JSW Energy was down over 2 per cent after promoter JSW Investments pared a 1.27 per cent stake in JSW Energy for Rs 717 crore through open market transactions.

On the flip side, Adani Power opened over 2 per cent higher after GQG Partners Emerging Markets Equity Fund and Goldman Sachs Trust II-Goldman Sachs GQG Partners bought stakes in the company. 

Cochin Shipyard continued its rally from Wednesday's trade and opened over 7 per cent higher. Garden Reach also continued its rally and opened over 5 per cent higher. 

GLOBAL MARKETS

Asian stocks followed Wall Street lower Thursday after notes from a U.S. Federal Reserve meeting dented hopes that interest rate hikes are finished.

Hong Kong and Tokyo lost more than 1 per cent. Shanghai, Seoul, and Sydney also retreated. Oil prices declined.

Wall Street's benchmark S&P 500 lost 0.8 per cent on Wednesday after minutes from the Fed's latest meeting suggested board members are unsure what to do after raising their key lending rate to a two-decade high. Traders had hoped they would decide inflation was under control, and last month's rate hike was the last.

(With agency inputs)

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