FIRST TRADE: Sensex drops over 250 pts, Nifty slips below 19,350 amid weakness in financial, FMCG stocks

Stock market today: Domestic equity benchmarks made a negative start to the session on Tuesday amid mixed signals from global markets as investors remained divided on the prospect of an earlier-than-expected end to the current cycle of monetary policy tightening. 

The Sensex fell as much as 257.1 points, or 0.4 per cent, to hit 64,701.6 on the downside in early deals, and the Nifty50 slipped to as low as 19,347.4, down 64.4 points or 0.3 per cent from its previous close. 

However, both indices recovered about one-third of their intraday losses within the first hour of trade. At the last count, the indices were down 0.1 per cent each, with the Sensex trading with a loss of 71.5 points at 64,887.2 and the Nifty down 21.1 points 19,390.7. While financial, oil & gas and FMCG shares pulled the domestic indices lower, gains in IT and metal stocks lent some support.

Broader indices Nifty Midcap 100 and Nifty Smallcap 100 managed to open in the green. 

The high-beta Nifty Bank gauge was down 0.3 per cent at 43,510.4. 

Here are some of the stocks that buzzed the most in morning trade on November 7: 

• Sobha Ltd shares slipped over 4 per cent after the company posted weak Q2 results
• Angel One shares were down over 4 per cent after the brokerage posted its business update
• Bharat Forge shares were down over 2 per cent after the company posted its Q2 results
• Divi's Laboratories shares were down over 2 per cent a day after the company posted its September quarter numbers
• Conversely, Lux Industries shares traded over 4 per cent higher after market regulator Securities and Exchange Board of India (SEBI) cancelled an interim order in the Lux Industries insider trading case
• Gland Pharma shares were up over 5 per cent after a day the company announced its September quarter results
• Gujarat State Petronet shares were up over 4 per cent a day after it announced its Q2 results
• Quess Corporation shares were up over 3 per cent a day after the company posted its Q2 results
• Jamna Auto shares were up over 3 per cent higher a day after the company reported good Q2 numbers
• Cochin Shipyard shares were up over 3 per cent ahead of posting Q2 results
• Varun Beverages shares were up over 2 per cent after the company posted its Q3 numbers

GLOBAL MARKETS 

Asian stocks snapped a three-day winning streak on Tuesday, slipping as the bond market's rally paused and investors reined in enthusiasm about a possible peak in global interest rates. MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.2 per cent. Japan's Nikkei 225 was down 0.8 per cent.

Overnight in the US, the three main indices—the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite—finished the session 0.1-0.3 per cent stronger as investors awaited guidance from a host of Federal Reserve policymakers later in the week on the US central bank's policy path.

With inputs from agencies 

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