Sensex, Nifty open lower following global market trends, IT, Auto stocks lag

Stock market today: The domestic stock markets opened in the red on Wednesday following the Asian peers which are buoyed by a negative move in chip stocks after Europe’s biggest tech firm ASML posted disappointing earnings for the quarter. 

The BSE’s 30-share Sensitive Index fell nearly 150 points or 0.2 per cent to open at 81,652.60 whereas the National Stock Exchange’s benchmark Nifty 50 faced a 35 points downside to open just above the mark of 25,000. 

Reliance Industries, which ended in the red on Tuesday after declining net profit, opened 0.11 per cent lower with Mahindra & Mahindra and Nestle India taking the lead in the losers chart on Wednesday’s early trading minutes. 

Power Grid, Bajaj Finserv, Axis Bank , and HDFC Bank were some of the key stocks that continued to pull the market upwards with close to 0.5 per cent gains each. 

In terms of sectoral performance, IT, healthcare, Auto, and FMCG indices opened in red while banking and oil & gas stocks recorded a positive move. 

Indian markets are witnessing continuous outflows of foreign capital with Foreign institutional investors offloaded a net Rs 17.49 billion ($208 million) worth of stocks on Tuesday. With this, FIIs continue to be the net seller for the twelfth straight session with hopes of better returns in stimulus-driven Chinese markets. 

Nifty’s Bajaj Auto is set to announce its earnings for the second quarter of the current financial year (Q2FY25) later in the day. 

ASML’s disappointing earnings also pulled down Wall Street with tech-heavy Nasdaq closing a per cent lower while the energy sector took a three per cent toll after oil prices declined.