Market opening: SENSEX slips 46 points, NIFTY50 at 25,728 as early gains fade; Power Grid top loser

The Indian equity market opened slightly higher on Tuesday, November 4, but soon pared gains amid mixed global cues.

The broader market slipped in early trade, with both the Nifty Midcap 100 and the Nifty Smallcap 100 losing 0.08% and 0.07%, respectively.

Among sectors, Nifty Consumer Durables (0.35%), Nifty Media (0.34%), Nifty Oil and Gas (0.3%) and Nifty Realty (0.25%) were the only gainers. However, Nifty Auto took the lead among losers, falling 0.71%, followed by Nifty PSU Bank and Nifty FMCG, each losing 0.38%.

According to exchange data, on Monday, the foreign institutional investors (FIIs) sold shares worth ₹1,883.78 crore, while the domestic institutional investors (DIIs) bought equities worth ₹3,516.36 crore on a net basis.

Globally, Asian markets were trading on a mixed note on Tuesday, diverging from gains on Wall Street overnight.

Japan's Nikkei rose 0.13%, Singapore's Straits Times fell 0.21%, South Korea's KOSPI dropped 1.6%, and Hong Kong's Hang Seng advanced 0.23%.

On Wall Street, US stocks ended higher, powered by a rally in tech giants like Nvidia and Amazon. Tech-heavy Nasdaq rose 0.46%, and the S&P 500 advanced 0.17%, while the Dow Jones Industrial Average declined 0.48%.

As many as 2,683 stocks traded on the NSE during the early session, among which 1,307 advanced, 1,277 declined, and 99 shares remained unchanged.

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

Meanwhile, 56 stocks hit their one-year highs in the early trade, while 26 stocks touched their 52-week lows.

Further, 41 stocks hit their upper circuits, while 28 hit their lower circuits.

India VIX, the volatility gauge, was trading at 12.86 levels, gaining 1.55%.

Power Grid was the top laggard, declining 2.78%, followed by Tata Consumer Products (-2.27%), Maruti Suzuki (-0.72%), Eternal (-0.65%) and ONGC (-0.6%).

On the flip side, Bharti Airtel (2.36%), Shriram Finance (1.16%), Titan Company (1.03%), Cipla (0.44%) and Coal India (0.34%) were the stocks that gained the most on the 50-share index.