FIRST TRADE: Sensex, Nifty50 open in red; Hero MotoCorp up nearly 2%; L&T down over 4% after Q4 results

Stock market today: Domestic benchmark indices Sensex and Nifty50 on Thursday (May 9) began the session in red following a mostly flat close in the previous session, with pessimism prevailing amid rising volatility and selling by foreign investors.

At around 9:17 a.m., the Sensex was down 127.86 points or 0.17 per cent at 73,338.53, while the Nifty50 slipped at 22,276.7, up 0.12 per cent or 25.8 points from its previous close.

"A major trend in the market now is the aggressive selling by FIIs, which has touched Rs 15,863 crore so far this month. Though DIIs are buying they are not as aggressive as they were due to some concerns surrounding election results," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Dr. V K Vijayakumar believes for long-term investors, this is an opportunity to buy high-quality large caps driven down by FII selling. Previous episodes of FII selling turned out to be good buying opportunities.

Meanwhile, in the broader market, Nifty Midcap 100 was flat with a positive bias and Smallcap 100 traded in the red. High-beta Nifty Bank was up 0.11 per cent at 48,074.6. 

BUZZING STOCKS

TVS Motor shares were up over 5 per cent after the company released its Q4 numbers. 

Hero MotoCorp shares were up over 5 per cent after the company posted its Q4 results.

Conversely, L&T shares were down over 3 per cent after the company posted mixed Q4 results.

Tata Power shares were down over 2 per cent after the company reported below-estimated Q4 results. 

Piramal Enterprises shares were down nearly 4 per cent after the company posted Q4 results. 

Godrej Agrovet shares were down over 2 per cent after the company posted Q4 numbers.

BPCL & HPCL shares declined ahead of the board meeting to consider Q4 results and buyback of shares.

GLOBAL MARKETS 

Asian shares were subdued on Thursday as investors awaited China trade data to gauge the health of the Chinese economy, while the yen steadied after three days of declines as Japan talked up a potential currency intervention.

(With inputs from agencies.)

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