Share Market Opening Bell! Nifty, Sensex open in the red amid weak global cues; banking and financial stocks lead the decline

The Indian market on Wednesday opened in the red amid weak global cues, a day before the monthly series expiry. Sensex fell over 350 points, while Nifty50 hovering around 17650-level at the open. The weakness in the market is led by banking and financial stocks along with IT heavyweights. 

The BSE Sensex slipped 371 points or 0.62 per cent to 59296 and Nifty declined by 90 points or 0.51 per cent to 17,658 on Tuesday. While in the broader markets, Mid-cap Index too opened in the red by 104 points or 0.35 per cent to 29846.8 levels today at the market open.  

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Of 50 scrips on Nifty50, 21 advanced, 29 declined minutes after the market open today. IT index see a bloodbath, as Tech Mahindra declined over 8 per cent, followed by Wipro and HCK Tech each down 7 per cent, while Infosys tumbled near 6 per cent at the market open. 

On the contrary, CPSE (Central Public Sector Enterprises) stocks picked up from where they ended yesterday and continued their surge, as NTPC gained over 5.5 per cent, followed by Coal India and NTPC each up by per cent Power Grid Jumped around per cent at the market open today.

Maruti Suzuki become the showstopper by gaining almost 6 per cent in the early morning trade, while M&M, BPCL, ONGC each grew by over 3 per cent minutes after the market open.

Except for Pharma and FMCG indices, almost all sectors slumped, with Nifty Bank leading the decline most by near 1.5 per cent, followed by Nifty Financial Services and Nifty Auto each down over 1 per cent, while Pharma index gained most in the otherwise negative market by around 1 per cent.

Globally, US markets on Tuesday see a big sell-off as bond yields spike; Nasdaq cracks near 3 per cent while Dow Jones falls 560 points. Following the cue, Asian markets on Wednesday opened in the red led by the Japanese 'Nikkei' trading lower by over 2 per cent in the early morning trade. 

Foreign Institutional Investors (FIIs), one of the important triggers to the domestic markets, sold shares worth Rs 1957.7 crore in cash and bought Rs 161.45 crore in index futures on Tuesday.