Market Opening: SENSEX slips 150 points, NIFTY50 below 25,700, Maruti Suzuki top loser; VIX soars 6%

The Indian equity market opened lower on Monday, November 3, as weakness in IT and consumer stocks, coupled with mixed global cues, weighed on sentiment. Foreign fund outflows also added to investor nervousness in the market.

The broader market, however, was trading higher in the early session, with Nifty Midcap 100 and Nifty Smallcap 100 rising 0.27% and 0.69%, respectively.

On the sectoral front, Nifty Consumer Durables (-0.53%), Nifty IT (-0.25%), Nifty Private Bank (-0.20%), and Nifty FMCG (-0.15%) were among the top laggards. On the other hand, Nifty PSU Bank outperformed with a gain of 1.93%, followed by Nifty Metal (0.43%) and Nifty Media (0.40%).

According to exchange data, on Friday, the foreign institutional investors (FIIs) sold equities worth ₹6,769.34 crore on a net basis, while the domestic institutional investors (DIIs) purchased ₹7,068.44 crore worth of equities.

Globally, most Asian markets were closed on Monday due to holidays, with trading shut in Japan, Singapore, and Hong Kong. Meanwhile, South Korea’s KOSPI dropped 2.32%, and Taiwan’s Weighted Index slipped 0.08%.

On Wall Street, US markets closed near record highs on Friday, with the Dow Jones up 0.1%, the S&P 500 gaining 0.26%, and the Nasdaq advancing 0.61%.

As many as 2,719 stocks traded on the NSE during the early session, among which 1,503 were trading in the green, 1,111 were trading in the red, and 105 shares remained unchanged.

This indicates that the market's breadth was favourable to declines.

Meanwhile, 66 stocks hit their one-year highs in the early trade, while 29 stocks touched their 52-week lows.

Further, 57 stocks also hit their lower circuits, while 33 stocks hit their upper circuits.

India VIX, the volatility gauge, soared 6.17% at 12.90 levels.

Maruti Suzuki was the top losing stock, declining 2.46%, followed by Bharat Electronics (-1.61%), Titan Company (-1.49%), Adani Ports (-0.97%) and Adani Enterprises (-0.80%).

On the flip side, Shriram Finance (4.75%), Mahindra & Mahindra (2%), State Bank of India (0.96%), InterGlobe Aviation (0.88%) and Tata Motors Passenger Vehicles (0.55%) were the top gainers on the 50-share index.