FIRST TRADE: Sensex slips 200 pts; Nifty below 21,650 amid weakness in global stocks

Stock market today: The Indian share market on Wednesday, January 3, opened lower amid a slide in global markets as optimism about early US interest rate cuts ebbed ahead of the release of Federal Reserve minutes and jobs data. Last seen, S&P BSE Sensex was down 236.4 points, or 0.33 per cent, at 71,656.08, and NSE Nifty was down 0.29, or 63.55 points, at 21,602.25.

"The market has turned highly volatile with profit booking triggered by high valuations. Even DIIs who have been consistent buyers are booking profits. Buying on dips is also happening simultaneously. These twin moves of profit booking and dip buying will keep the market highly volatile in the near term. An important trend in the market is the renewed buying in pharmaceuticals. Further buying can be expected in this segment," said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Dr. Vijayakumar added that the Supreme Court judgement on the Adani-Hindenberg issue expected this morning will have a sentimental impact on the Adani stocks in particular and the overall market in general.

Meanwhile, the Nifty Mid Cap 100 and Small Cap 100 opened in negative territory. High-beta Nifty Bank was down 0.42 per cent at 47,561.55.

BUZZING STOCKS

Adani Group stocks traded in green ahead of the Supreme Court's hearing in the Hindenberg matter.

RVNL shares were up over 2 per cent after the joint venture company KRDCL-RVNL received a Letter of Acceptance (LOA) from Southern Railway.

VST Industries shares were up over 4 per cent after veteran investor Radhakishan Shivkisan Damani bought 2.2 lakh shares for Rs 3,390.

Conversely, Jubilant FoodWorks shares were down over half a per cent after the company announced plans to acquire a 6.32 per cent stake in O2 Renewable Energy XVI Private.

Hero MotoCorp shares were down over 1 per cent after the company posted weak December auto sales at 3,93,952 units, flat year-on-year.

Avenue Supermarts shares were down over 2 per cent after the retail company, in its Q3 update, provided that the standalone income at the firm has come in at Rs 13,247.33 crore.

Punjab National Bank shares were down nearly 2 per cent after the company released its Q3 business update.

GLOBAL MARKETS 

Asian shares extended a global sell-off on Wednesday while the dollar held gains as market optimism about early and aggressive US interest rate cuts ebbed ahead of the release of Fed minutes and jobs data. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.1 per cent after a 1.0 per cent drop the previous day in a sluggish start to the new year. Japan markets remain shut for a holiday.

(With inputs from agencies.)

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