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  1. Markets open lower, NIFTY50 below 22,400, SENSEX falls over 300 points

Markets open lower, NIFTY50 below 22,400, SENSEX falls over 300 points

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2 min read • Updated: April 3, 2024, 10:47 AM

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Indian markets opened lower in line with negative global markets. NIFTY50 trades below 22,400, while SENSEX falls over 300 points. The brokerage stocks will continue to remain focused after NSE revised lot size for its derivative contracts.

Indian markets open lower in line with negative global markets

Indian markets open lower, taking cue from muted global markets. The NIFTY 50 opened 80 points lower, while SENSEX trades 260 points lower on Wednesday morning. Sell-off in index heavyweight stocks like Reliance (-0.8%), HDFC Bank (-0.33%), Bharti Airtel (-1.0%) and ICICI Bank (-0.3%) dragged down the benchmark index.

The US markets closed nearly 1% lower as the San-Francisco Fed Bank president Mary Daly and Cleveland Fed Bank president Loretta Mester indicated three rate cuts in the year at an event in Las-Vegas as inflation remains sticky and above the desired target of 2%.

Asian markets are also trading lower, with Hang Sang down 1.07%, while Nikkei trades 0.71% lower. Taiwan witnessed one of the strongest earthquakes in the last 25 years. TSMC, the world's largest semiconductor manufacturer, has evacuated workers from its production facilities in the event of a massive earthquake.

On the sectoral front, NIFTY Media (+0.9%) and Metal (+0.5%) are the top sectoral gainers on Wednesday morning. At the same time, NIFTY Realty (-1.1%) and FMCG (-0.7%) are the top losers.

The broader indices opened mixed on Wednesday morning as NIFTY Midcap 100 opened 0.27% lower and NIFTY Smallcap 100 opened 0.23% higher. The broader indices have recovered sharply from their mid-March lows.

Stocks to watch

Brokerage companies

All the major brokerage stocks will be in focus as NSE revised its lot size for derivatives contracts of NIFTY, FIN NIFTY and NIFTY Midcap effective from April 26. Reduction in lot size signifies increased trading activity due to lower margin requirements.

Also Read: NSE slashes lot size for NIFTY50 derivative contracts

Indo Edge (NSE: NAUKRI) received clearance from CCI to acquire an 8% stake in MG Motor India.

Biocon (NSE: BIOCON) completed the transfer of its branded formulation business to Eris Lifesciences for ₹1,242 crore.

Manganese Ore India Ltd (MOIL) recorded best-ever production numbers since inception at 17.5 lakh metric tonnes for FY24, an increase of 35% YoY.

National Aluminium Company ltd (NALCO) reported highest ever Aluminium and Bauxite production in FY24.

Gensol Engineering records highest ever revenue of Rs. 960 Crores in FY24 growth of 141% YoY.

JSW Energy's board of directors approved raising ₹5,000 crore from qualified institutional investors (QIP) in one or more tranches.

Adani Green Energy becomes the first company in the country to surpass 10,000 MW generation through renewable energy sources.