Opening Bell: Sensex, Nifty50 snap 3-day gain, each decline around 1 per cent – IT stocks drag

The Indian markets snapped three-day gain, as both the benchmark indices slipped almost 1 per cent at the opening trade on Friday. Sensex almost 500 points and Nifty50 above 17450-mark, while following the frontline indices suit, both Nifty mid and small-cap also declined by nearly 1 per cent.

At the market open, the BSE Sensex slipped 478 points or 0.81 per cent to 58447, while Nifty50 fell by 155 points or 0.88 per cent to 17451. Similarly, Nifty Mid-cap down 225 points or 0.74 per cent to 30118 and Nifty Bank dipped by over 443 points or 1.14 per cent to 38567 at the market open.

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Mere 6 stocks were in the green, while remaining 44 in the red on 50-share Nifty index in the early morning trade. IT stocks dragged the markets at the open, as Infosys, Tech Mahindra, HCl Tech and Wipro Each declined around 2 per cent, along with Hero Moto amid mute Q3 earnings on Thursday.

On the contrary, CPSE (Central Public Sector Enterprise) stocks were the top gainers in the early morning trade on Nifty, as IOC, BPCL, ONGC, Coal India and NTPC each opened in the green with marginal gains. Similarly, Divis Lab also opened positive ahead of its Q3 results on Friday.

Almost all sectoral indices are in the red zone, minutes after the market open. IT index top loser by almost 2.5 per cent lower, followed by financial service, banking and pharma sectors each down around 1 per cent in the early morning trade on Friday.

While Nifty Realty and Media are dragging the broader markets in the negative zone as former down almost 1 per cent and the latter slipped marginally by 0.2 per cent in the early morning trade.