FIRST TRADE: Sensex opens over 500 pts lower, Nifty down 0.7% at 25,102 amid broad-based sell off

Indian equities mirroring overnight losses in the US markets after Nvidia biggest one-day loss started on a weak note. At the open, Sensex began to trade at 82,034.36, down 0.63 per cent or 521.08 points, while the Nifty traded weak by 0.7 per cent or 177.35 points at 25,102.5 levels. 

Sectorallly, all the indices traded with a cut, with the most drag seen in the IT, metal and PSU Bank pockets of over 1 per cent each.

From the Nifty pack, top gainers included stocks like BPCL, Asian Paints, Sun Pharma, while the laggards were ONGC, Hindalco, LTIMindtree, Wipro and JSW Steel.

On the positive side, WTI oil prices dropped below $71 a barrel, an eight-month low, and FIIs purchased Rs. 1029 crores in stocks yesterday.

Investors are keeping an eye on the upcoming US jobs report, which may pause Nifty’s 14-day winning streak.

Prashanth Tapse, Senior VP (Research), Mehta Equities said, "This Wednesday morning, markets are sending mixed signals. Wall Street traded with a negative bias due to renewed recession fears following weak US manufacturing data."

Oil marketing companies shares will gain focus as crude oil prices have retreated sharply and this augurs well for these companies.

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, "There are indications of US manufacturing moving into contraction thereby threatening the soft landing expectation, which has been the pillar of support for the mother market US and consequently for other markets, too."

Meanwhile, Asian markets also traded sharply lower, with the Japan's Nikkei down over 3 per cent as growth concerns in the US transpired across markets.