Stock market| Sensex down, Nifty below 24,300: These are top gainers today

The Indian stock market opened with major cuts today taking clues from global trends.

The BSE Sensex opened in the red with a cut of 606.77 points or 0.76 per cent at 79542.10 while Nifty 50 opened at 24232.00 dipping 182.50 points or 0.75 per cent. The Nifty Midcap also opened in red at 56439.80, down 433 points or 0.76 per cent. Nifty Bank at NSE also opened in red at 50,762.30.

Among the sectoral stocks at NSE, Bank, Financial Services, FMCG, IT, Metal, Pharma, PSU Banks, Private Banks, Realty, Healthcare, Consumer Durables, Oil and Gas opened in red during the initial trading hour. The sectoral stocks of Media and Auto remained in the green.

How global sentiment is affecting stock market today?
Market analysts said that declining global sentiment after disappointment following earnings disclosure of Alphabet and Tesl have greatly impacted the market globally.

Ajay Bagga, a banking and market expert, said, “Global sentiment getting hit. Rotation from big tech to underperforming sectors had started in the US as part of the “Trump Trade”. Then, results came in soft for Alphabet/Google and Tesla. That raised further questions on valuations for Big Tech and AI investments which have been on a massive scale.”

Varun Aggarwal MD, Profit Idea said, “Market sentiment remains cautious with technical indicators suggesting potential for further downside if key support levels are breached. Investors are closely watching global cues and economic data for market direction amid ongoing volatility.”

How global markets performed?

In global markets, Asian indices including Japan’s Nikkei 225 and South Korea’s Kospi saw significant declines, mirroring losses on Wall Street where the S&P 500 and Nasdaq dropped sharply to multi-week lows. Tesla and Alphabet posted notable declines, contributing to Nasdaq’s largest single-day percentage drop since October 2022.