Market opening: SENSEX tanks 580 points, NIFTY50 below 25,400 on weak global cues; Bharti Airtel top loser

The Indian stock market opened lower on Friday, November 7, weighed down by weak global cues and losses in consumer durables and IT stocks. Persistent foreign fund outflows further dampened investor sentiment.

The broader market also slipped in early trade, with both the Nifty Midcap 100 and the Nifty Smallcap 100 losing 0.5% and 0.88%, respectively.

All sectoral indices were trading in the red, with Nifty Consumer Durables (-1.15%), Nifty IT (-1.09%), and Nifty Metal (-0.68%) leading the declines.

According to exchange data, on Thursday, the foreign institutional investors (FIIs) sold shares worth ₹3,263.21 crore, while the domestic institutional investors (DIIs) bought equities worth ₹5,283.91 crore on a net basis.

On the global front, Asian markets were trading lower, tracking a selloff in US stocks as concerns over expensive valuations of artificial intelligence companies triggered a correction on Wall Street.

Japan's Nikkei fell 2.2%, Hong Kong's Hang Seng dropped 1.03%, China's Shanghai Composite declined 0.16%, and South Korea's KOSPI tumbled 2.53%.

Overnight, US stocks ended sharply lower as equity benchmarks dropped for the second time in three sessions with AI-related stocks such as Nvidia Corp. tumbling and a closely watched volatility gauge spiked, according to a report by Bloomberg.

Tech heavy Nasdaq dropped 1.9%, S&P 500 fell 1.12%,-heavy and Dow Jones Industrial Average declined 0.84%.

As many as 2,669 stocks traded on the NSE during the early session, among which 524 advanced, 2,065 declined, and 80 shares remained unchanged.

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

Meanwhile, 16 stocks hit their one-year highs in the early trade, while 111 stocks touched their 52-week lows.

Further, 27 stocks hit their upper circuits, while 37 hit their lower circuits.

India VIX, the volatility gauge, was trading at 12.52 levels, rising 0.9%.

As many as 45 stocks declined while only 5 advanced in the opening session on the NIFTY50 index.

Bharti Airtel was the biggest laggard, falling 3.45%, followed by HCL Technologies (-1.99%), Tata Consultancy Services (-1.4%), Wipro (-1.33%) and Tech Mahindra (-1.28%).

On the flip side, Eternal (0.69%), Sun Pharma (0.62%), Max Healthcare (0.61%) and ICICI Bank (0.2%) were the only gainers on the 50-share index.