Market opening: SENSEX slips 127 points, NIFTY50 at 25,544 as financial stocks weigh; Bajaj twins among top laggards

The Indian stock market opened flat to lower on Tuesday, November 11, weighed down by banking and finance stocks despite positive global cues. Persistent foreign fund outflows also dampened the sentiment.

The broader market slipped in early trade, with both the Nifty Midcap 100 and the Nifty Smallcap 100 losing 0.17% and 0.07%, respectively.

Among sectors, all indices were trading in the red except Nifty IT (0.53%) and Nifty Auto (0.13%). Nifty PSU Bank (-0.61%), Nifty Consumer Durables (-0.42%), and Nifty Oil & Gas (-0.31%) led the losses.

The decline in banking stocks was led by Bajaj twin shares, as Bajaj Finance on Monday reported a 21.89% year-on-year (YoY) surge in its consolidated net profit to ₹4,875.36 crore in Q2 FY26. The NBFC’s asset quality declined as its gross non-performing assets (GNPA) increased to 1.24% from 1.06% annually and 1.03% sequentially.

According to exchange data, on Monday, the foreign institutional investors (FIIs) sold shares worth ₹4,114.85 crore, while the domestic institutional investors (DIIs) bought equities worth ₹5,805.26 crore on a net basis.

On the global front, Asian markets were trading higher on Tuesday, tracking overnight gains on Wall Street. Japan's Nikkei saw a rise of 0.42%, Singapore's Straits Times saw an advance of 1.34%, Hong Kong's Hang Seng remained flat, and South Korea's KOSPI saw an increase of 1.31%.

On Wall Street, US stocks ended higher on Monday on the back of renewed buying interest in AI-related stocks and growing optimism that the historic US government shutdown could end soon.

The S&P 500 advanced 1.54%, the Dow Jones Industrial Average gained 0.81%, and the tech-heavy Nasdaq jumped 2.27%.

As many as 2,703 stocks traded on the NSE during the early session, among which 993 advanced, 1,619 declined, and 91 shares remained unchanged.

This indicates that the market's breadth is favourable towards declines.

Meanwhile, 30 stocks hit their one-year highs in the early trade, while 85 stocks touched their 52-week lows.

Further, 40 stocks hit their upper circuits, while 33 hit their lower circuits.

India VIX, the volatility gauge, was trading at 12.73 levels, gaining 3.45%.

Bajaj Finance was the top losing stock, declining 6.47%, followed by Bajaj Finserv (-5.12%), Tata Motors Passenger Vehicles (-1.06%), Eicher Motors (-1%) and Tata Steel (-0.82%).

On the flip side, Mahindra & Mahindra (1.19%), Bharat Electronics (1.15%), IndiGo (0.56%), UltraTech Cement (0.44%) and Hindalco Industries (0.44%) were the top gainers on the 50-share index.