FIRST TRADE: Sensex, Nifty open in the red; ITC hits fresh 52-week high

Stock market today, May 25, 2023: The benchmark indices opened in the negative territory on May 25, Thursday. The S&P BSE Sensex was trading 163 points, or 0.26 per cent lower at 61,753.05 while the NSE's Nifty was trading at 18,245.20, down 40 points. Among index stocks, ITC shares hit a fresh 52-week high of Rs 437.90 in the opening deals. Nestle (India) was next on the gainers' list with nearly a per cent gain, followed by Kotak Mahindra Bank, Bharti Airtel, and Power Grid. On the flip side, Tata Motors was the biggest laggard (down over 1 per cent), followed by Mahindra & Mahindra (M&M), and State Bank of India. 

In the broader market, the S&P BSE MidCap index was trading 0.02 per cent lower at 26,484.33 levels while the S&P BSE SmallCap was trading unchanged at 29,935.57 points.

Earnings reaction

LIC shares were trading nearly 2 per cent higher at Rs 604.55 on the BSE, a day after the company released its March quarter numbers. FSN E-Commerce Ventures, the parent company of beauty e-retailer Nykaa, too, gained nearly 2 per cent after March quarter numbers. Nalco, on the other hand, traded with over half a per cent loss at Rs 80.18 on the BSE.