FIRST TRADE: Sensex slips nearly 200 pts, Nifty below 22,450 amid weakness in financials, IT, metal and pharma stocks

Stock market today: Domestic blue-chip indices on Tuesday (April 2) opened lower after scaling record highs in the previous session amid selling in financials, IT, pharma, and metal stocks. Meanwhile, Asian peers extended gains on strong data from China.

Last seen, the 30-scrip barometer was down 110.45 points, or 0.15 per cent, at 73,905.97, and the NSE Nifty traded 0.10 per cent, or 23.7 points, lower at 22,438.3. 

"A distinct feature of a bull market is its ability to set new highs. This was evident yesterday when the Nifty set a new intraday high. In this bullish scenario characterised by strong momentum and supported by a sustained gush of capital flows into the market, every dip will be bought, imparting resilience to the market," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. 

Dr. Vijayakumar added that since the global construct is slightly negative, as evidenced by the rising dollar and rising US bond yields (the 10-year is at 4.3 per cent) the FPIs may be tempted to sell. But FPI selling is not having any major impact on the market since DIIs, HNIs, and retail investors are calling the shots now.

Further, Dr. Vijayakumar believes that even while riding the bull, investors should know that liquidity is overwhelming fundamentals in many pockets of the broader market. This calls for caution, the expert says.

Meanwhile, broader markets opened with mild gains; the Nifty Mid Cap 100 was up 0.18 per cent and the Nifty Small Cap 100 was up 0.109 per cent. Nifty Bank traded 0.27 per cent lower at Rs 47,450.8. 

BUZZING STOCKS

Aditya Birla Fashion & Retail shares were up over 9 per cent after management evaluated the vertical demerger of Madura Fashion & Lifestyle.

HAL, BEL, and Data Patterns shares traded higher after Jefferies's report suggested that FY24 defence exports jumped 32.5 per cent to a record Rs 21,083 crore.

CSB Bank shares were up over 3 per cent after it released its business update for the quarter that ended March 31.

IREDA shares were up nearly 5 per cent after the company recorded the highest-ever loan sanctioned at Rs 37,354 crore, up 15 per cent year-on-year (YoY). 

AB Capital shares were up over 2 per cent after Macquarie initiated 'outperform' and gave a target of Rs 230 apiece. 

Conversely, South Indian Bank shares were down over 4 per cent after it released its Q4 FY24 business update.

Bharat Dynamics stock was down over 2 per cent after its turnover declined YoY.

GLOBAL MARKETS 

Asian stocks rose on Tuesday and the dollar firmed, keeping the yen pinned near the 152-per-dollar levels that have traders worried about possible intervention as expectations that the Federal Reserve was close to cutting interest rates faded.

(With inputs from agencies.)

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