Market opening: SENSEX slips 257 points, NIFTY50 below 25,800 on weak global cues; Tata Motors CV top loser

The Indian stock market opened lower on Friday, November 14, weighed down by weak global cues and a decline in IT and realty stocks.

Further, market investors were also cautious on Friday as counting was underway for the 243 assembly seats in Bihar. Votes cast in the two-phase elections were tallied across 46 centres in 38 districts, adding to the uncertainty in the market.

The broader market, however, was trading marginally up in early trade, with both the Nifty Midcap 100 and the Nifty Smallcap 100 rising 0.4% and 0.05%, respectively.

Among sectors, Nifty IT was the biggest loser, slipping 1%, followed by Nifty Realty (-0.67%), Nifty Auto (-0.59%), and Nifty FMCG (-0.43%).

According to exchange data, on Thursday, the foreign institutional investors (FIIs) sold shares worth ₹383.68 crore, while the domestic institutional investors (DIIs) bought equities worth ₹3,091.87 crore on a net basis.

Globally, Asian shares fell on Friday as cautious remarks from US Federal Reserve officials dimmed hopes of a rate cut next month, and a busy, uncertain data calendar added to investor worries.

Japan's Nikkei slipped 1.78%, Singapore's Straits Times fell 0.8%, South Korea's KOSPI dropped 2.37%, and Hong Kong's Hang Seng declined 1.25%. The Shanghai Composite was also trading 0.16% lower.

On Wall Street, all major indices closed lower on Thursday as investors dialled back expectations of interest rate cuts amid persistent inflation concerns and growing divisions among central bankers over the health of the US economy.

The S&P 500 plunged 1.66% to end at 6,737.49, and the Nasdaq dipped 2.29% to 22,870.36, while the Dow Jones Industrial Average fell 1.65% to end at 47,457.22.

As many as 2,668 stocks traded on the NSE during the early session, among which 1,293 advanced, 1,270 declined, and 105 shares remained unchanged.

Meanwhile, 32 stocks hit their one-year highs in the early trade, while 65 stocks touched their 52-week lows.

Further, 38 stocks hit their upper circuits, while 24 hit their lower circuits.

India VIX, the volatility gauge, was trading at 12.09 levels, falling 0.57%.

Tata Motors CV took the lead among the losers’ pack, tumbling 3.35% after the firm reported its first earnings post delisting. Infosys (-1.46%), Eicher Motors (-1.24%), JSW Steel (-1.04%) and Tata Steel (-1.01%) were the other laggards.

On the flip side, ONGC (0.78%), Bharat Electronics (0.71%), Eternal (0.59%), Asian Paints (0.33%) and Trent (0.3%) were the top gaining stocks on the 50-share index.