Indian Stock Market Opens Lower as Sensex Falls 225 Points and Nifty Drops 62 Points
The Indian stock market opened lower on Tuesday, October 27, as both benchmark indices declined amid weak global cues. The BSE Sensex and NSE Nifty failed to sustain the gains recorded on Monday. While shares of Tata Consumer Products and Bajaj Auto advanced, selling pressure in IT stocks, including Infosys and Tata Consultancy Services (TCS), weighed on the benchmark indices.
At the opening bell, the BSE Sensex fell 225.19 points, or 0.31%, to 73,381.56. The NSE Nifty 50 declined 61.80 points, or 0.27%, to open at 22,691.40.
Early trading data showed that 1,244 stocks were advancing, while 1,000 were declining. Another 158 stocks remained unchanged. The figures indicated that the opening weakness in the benchmark indices was not accompanied by uniform selling across the broader market.
Tata Consumer Products rose 3.25% in early trading following the company's recent quarterly results. BSE Ltd advanced 1.89%, while Bajaj Auto gained 1.56% and Shriram Finance climbed 1.47%.
Max Healthcare traded 1.34% higher. NTPC, Sun Pharma, Eternal, Power Grid, Hindalco and Adani Enterprises also recorded buying interest.
Banking stocks showed a mixed trend. Shares of State Bank of India and Kotak Mahindra Bank fluctuated marginally, while declines were recorded in some other banking stocks.
IT stocks faced selling pressure during the opening session. Infosys declined 2.51%, while Tata Consultancy Services fell 1.29%.
Hindustan Unilever traded 1.40% lower, and Asian Paints declined 1.16%. JSW Steel also fell 0.98%.
Tata Steel, Grasim Industries, HCL Technologies, Reliance Industries and ICICI Bank were among the other stocks trading in negative territory. The declines in major IT companies contributed to the pressure on the Nifty and limited the benchmark indices' ability to recover from their opening losses.
Sectoral indices recorded mixed movements in early trading. The Nifty IT index declined 1.57%, while the Nifty Bank index fell 0.28% and the Nifty Services index dropped 0.52%.
In contrast, the Nifty Pharma index advanced 0.61%. The Nifty PSU Bank index gained 0.51%, reflecting buying interest in public sector banking stocks.
The Nifty Realty index also edged up 0.29%, with real estate stocks recording marginal gains despite the broader weakness in the benchmark indices.
