NIFTY50, SENSEX recover after opening lower amid mixed global cues; SBI, ITC, Max Healthcare among top gainers

At the 9:15 am opening bell, the NIFTY50 index declined 0.29% or 68 points to open at 23,742.25 levels on Wednesday’s market, in comparison to 23,810.85 points at the previous equity market close.

The BSE SENSEX declined to open 0.08% or 64 points lower at 76,853.11 points during the trading session on November 4, compared to 76,917.85 points at the previous stock market close, as per the exchange data.

After opening lower, both the benchmark indices recovered their intraday losses, trading higher during the early market session. As of 9:19 am, NIFTY50 was up 0.28% at 23,876 points, while the SENSEX was up 0.46% hovering around 77,299 points on Wednesday’s market.

Before the indices opened, the GIFT NIFTY futures were indicating a more than 100-point gap-down opening for NIFTY50 on Wednesday’s trading session amid investors treading cautiously due to the mixed cues emerging from the global market.

Although the stock markets delivered a two-day rally this week, Wednesday’s dented sentiment dragged down the benchmark indices during the early hours, with investors now looking out for some earnings momentum amid the volatile crude oil prices in the global market.

The sentiment of foreign investors remained positive till the previous market session, with FIIs buying around ₹6,836.81 crore worth of capital market assets in a single day on Tuesday’s market, while domestic investors remained net sellers.

The winding-down AI trade on Wall Street and Asian markets, combined with the lower-risk profile of Indian equities than the downtrend in major markets, was still impacting the sentiment of global investors.

On the oil front, energy prices cooled down after flaring up during the previous trading session as investors focused on Qatar ‘bridging the gap’ between the United States and Iran, continuing its efforts to bring the two nations in conflict together to exchange peace proposals.

TradingView data showed that Brent crude oil prices were trading around 1.6% lower at $106.4 per bbl on Wednesday morning, in comparison to $108.28 per bbl at the previous commodity market close.

Despite the easing pressure on oil, Asian markets were largely trading in negative territory on Wednesday, due to the selling pressure over AI fears and Japan’s manufacturing growth slowing down to a seven-month low.

Top gainers & losers today

Stocks like ITC, Max Healthcare, BEL, Adani Ports, Adani Enterprises, and SBI were among the top gainers as of the morning market hours on NIFTY50, according to NSE data.

Data showed that ITC was up over 3%, Max Healthcare up 2.7%, BEL, Adani Ports up 2.2%, Adani Enterprises up 2.6%, and SBI up 1% were leading the pack of gainers during Wednesday’s market session.

Other stocks like BSE, Power Grid Corp., Eternal, Kotak Mahindra Bank, and Infosys were among the top losers as of the early trading session on November 4.

BSE was down 1.5%, Power Grid Corp. was down 0.9%, Eternal was down 0.8%, Kotak Mahindra Bank was down 0.6%, and Infosys was down 0.5%, as of 9:46 am (IST), as per the exchange data.

Out of the 50 stocks listed on the NIFTY50 index, 36 companies were trading in positive territory, while 14 stocks were down in the red zone.