Market Opening Bell: Indices slip into the red, NIFTY50 below 24,700, SENSEX falls 400 points; Bank Nifty hits record high

The Indian stock market, though opened higher on Tuesday, June 3, lost the positive momentum in a few minutes and slipped into the red zone. Outflowing foreign funds by FPIs made market investors worried.

Meanwhile, Bank NIFTY touched its fresh all-time high of 56,161.40 during the opening session before slipping 0.25% later.

The broader market continues to rally as the Nifty Midcap 100 and Nifty Smallcap 100 indices gained 0.26% and 0.59%, respectively.

Among sectors, Nifty Private Bank (-0.70%), Nifty FMCG and IT (-0.26%) and Nifty Pharma (-0.13%) slipped the most in the early session.

According to exchange data, on Monday, the foreign institutional investors (FIIs) sold equities worth ₹2,589.47 crore on a net basis, while the domestic institutional investors (DIIs) purchased ₹5,313.76 crore worth of equities.

Globally, on the first trading day of June, the US stocks ended higher on Monday as markets shrugged off mounting global trade tensions.

The Dow Jones Industrial Average ended with marginal gains, rising 35.41 points, or 0.08%, to close at 42,305.48, while the S&P 500 surged 24.25 points, or 0.41%, to end at 5,935.94 levels. The Nasdaq Composite gained 128.85 points, or 0.67%, to settle at the 19,242.61 level.

Taking cues from buoyant Wall Street gains, most of the Asian markets were trading higher on Tuesday.  

Hong Kong's Hang Seng gained 1.33% to trade at 23,449.66, while the Shanghai Composite was trading 0.48% higher at the 3,363.48 level.

Japan's Nikkei 225 was seen at the 37,578.16 level, rising 0.28%, while Singapore's Straits Times was trading marginally lower by 0.06% at the 3,886 level.

As many as 2,489 stocks traded on the NSE during the early session, among which only 1,683 stocks were trading in the green, 734 in the red and 72 shares remained unchanged.

This indicated that the market breadth favoured positive.

As many as 45 stocks hit their one-year high in the early trade, while only 12 stocks touched their 52-week low.

Further, 53 stocks hit their upper circuits, and 32 hit their lower circuits.

India VIX, the volatility gauge, was trading 2.01% higher at 17.50 levels.

Adani Enterprises (-1.81%), Adani Ports (-1.52%), Bajaj Finance (-0.95%), SBI Life Insurance (-0.88%) and Tata Consumer Products (-0.82%) were the top losers on the index.

Shriram Finance (1.32%), Mahindra & Mahindra (0.69%), HDFC Bank (0.45%), ONGC (0.45%) and Tata Steel (0.29%) were the top gainers.