Market opening bell: NIFTY50 slips below 25,300 level, SENSEX down 277 points; IT stocks tumble, TCS top loser

The Indian stock market opened lower on Friday, July 11, dragged down majorly by IT and media stocks.

The broader market was also trading lower in the early session, with both Nifty Midcap 100 and Nifty Smallcap 100 losing 0.07% and 0.26%, respectively.

Among sectors, Nifty Media was the biggest loser, slipping 1.62%, followed by Nifty IT (-1.21%) and Nifty Auto (-0.43%). Meanwhile, Nifty FMCG (0.93%), Nifty Pharma (0.84%), and Nifty PSU Bank (0.4%) were the top gainers.

According to exchange data, on Thursday, the foreign institutional investors (FIIs) bought equities worth ₹221.06 crore on a net basis, while the domestic institutional investors (DIIs) purchased ₹591.33 crore worth of equities.

Globally, most of the Asian shares were trading higher on Friday morning, tracking the US market that closed at a record high on Thursday.

The Dow Jones Industrial Average gained 192.34 points, or 0.43%, to end at 44,650.64; the S&P 500 surged 17.20 points, or 0.27%, to close at 6,280.46; and the Nasdaq Composite advanced 19.33 points, or 0.09%, to settle at 20,630.67.

Among Asian indices, Hong Kong’s Hang Seng took the lead, rising 1.82%. The Shanghai Composite was also trading 1.04% higher, while Japan’s Nikkei 225 index fell 0.09%. South Korea’s Kospi rose marginally by 0.10%.

As many as 2,440 stocks traded on the NSE during the early session, among which only 1,301 were trading in green, 1,070 in red, and 69 shares remained unchanged.

As many as 30 stocks hit their one-year high in the early trade, while only 9 stocks touched their 52-week low.

Further, 38 stocks hit their upper circuits, while 15 were seen in their lower circuits.

India VIX, the volatility gauge, was trading 0.83% lower at 11.58 levels.

Wipro (-1.91%), Mahindra & Mahindra (-1.82%), Infosys (-1.57%), and Hindalco Industries (-1.27%) were the other major losers in the early session.

On the flip side, Hindustan Unilever (3.96%), IndusInd Bank (1.63%), Asian Paints (0.77%), Nestle India (0.77%), and Axis Bank (0.70%) were the top gainers on the 50-share index.