SENSEX drops 400 points, NIFTY50 opens at 23,282 on June 4; Trent, Eicher Motors among top losers

At 9:15 am, the NIFTY50 index opened 0.53% or 123 points lower at 23,282.45 points on Thursday, compared to 23,405.60 points at the previous stock market close, as per the exchange data.

Meanwhile, the SENSEX index opened 0.54% or 410 points lower at 73,935.83 points on Thursday, June 4, compared to 74,346.17 points at the previous market session, as per BSE data.

Before the opening bell, the GIFT NIFTY futures were trading 0.11% lower at 23,306.50 points as investors factored in the geopolitical sentiment and Asian markets' pullback on June 4.

The Indian stock market was witnessing the ripple effect from the pullback and weakness in Asian markets, which was a cool-off after a massive rally across global equities.

Along with the Asian market cues, the focus was also on the continued outflow of foreign investors, as FIIs sold ₹5,616.56 crore worth of capital market assets on Wednesday’s market.

Investors continue to look for a positive trigger from ongoing negotiations for a peace deal between the United States and Iran, while focusing on stock-specific action based on the corporate news developments.

Latest media reports showed that there was a mismatch in comments as US President Donald Trump on Wednesday said that the negotiations between America and Iran have gone “very well,” while Iranian Foreign Minister Abbas Araghchi said there has been no “significant progress” for the deal in recent days.

With the US House passing a resolution to limit Trump’s war powers in Iran, investors are now analysing the impact of a potential approval decision from the US Senate.

With any escalations or outcomes, oil prices are at risk of a sudden uptick from their current near $97 per bbl levels amid no signs of a peace agreement.

Top gainers & losers today

Adani Enterprises, Eternal, Titan, Adani Ports, Tech Mahindra, and Asian Paints were among the top gainers on the NIFTY50 index as per the early market session on Thursday, June 4, as per NSE data.

Adani Enterprises was up 1.5%, Eternal up 1.4%, Titan up 1%, Adani Ports up 1%, Tech Mahindra up 1%, and Asian Paints up 0.8% were the top gainers.

While other stocks like Trent, Tata Motors PV, Eicher Motors, Infosys, SBI Life Insurance, and Hindalco were among the top laggards as of the early market session on Thursday.

Out of the Trent was down 2.4%, Tata Motors PV down 1.5%, Eicher Motors down 1.1%, Infosys down 1.1%, SBI Life Insurance down 1.1%, and Hindalco was down 1% as per NSE data.

The exchange data also showed that 19 out of the 50 stocks listed on the benchmark NIFTY50 index were trading in the green, while the remaining 31 stocks declined during the early market hours on Thursday.