Market Opening Bell: Indices gain after opening in the red; NIFTY50 holds 24,400 level, SENSEX up 195 pts, Tata Motors top gainer

The Indian stock market opened a gap down on Wednesday, May 7, amid geopolitical tensions between India and Pakistan but reversed back to gains later. Investors remained cautious ahead of the US Federal Reserve meeting announcement.

During the opening session, the broader market, however, was trading positively.

Among sectors, Nifty Media, IT and FMCG were the most losing ones, while Nifty Auto continued to lead among gainers. Nifty Private Bank and Metals also advanced in the early sessions.

Meanwhile, the foreign institutional investors (FIIs) bought equities worth ₹3,794.52 crore on a net basis on Tuesday, according to exchange data.

Brent crude, the global oil benchmark, rose 0.68% to $62.57 per barrel in futures trade.

On the global front, the US markets closed in the red on Tuesday with up to 1% losses on the Dow Jones, NASDAQ and S&P 500. However, the US futures are currently trading with gains of more than 1% across the board as the US and China agree to conduct trade talks as early as this week.

On Wall Street, the Dow Jones Industrial Average declined 389.83 points, or 0.95%, to 40,829.00, the S&P 500 fell 43.47 points, or 0.77%, to 5,606.91, and the Nasdaq Composite slipped 154.58 points, or 0.87%, to 17,689.66.

Among the Asian markets, most of the indices were trading higher. Japan's Nikkei 225 was trading marginally higher by 0.05% to 36,846.40, while Singapore's Straits Times fell 0.04% to 3,858.86. On the other hand, Hong Kong's Hang Seng and South Korea's KOSPI gained 0.58% and 0.21%, respectively. The Shanghai Composite was trading 0.63% higher at the 3,337.23 level.

As many as 2,386 stocks traded on the NSE during the early session, among which 1,060 stocks were trading in the green, 1,263 in the red and 63 shares remained unchanged.

This indicated that the market breadth was in favour of decline.

Meanwhile, 10 stocks hit their one-year highs in the early trade, while 61 stocks touched their 52-week lows.

Further, 13 stocks hit their upper circuits, while 60 hit their lower circuits.

India VIX, the volatility gauge, was trading 1.28% higher at 19.24 levels.

Asian Paints was the top losing stock on the NIFTY50 index, falling 1%. HCL Technologies (-0.91%), Hindustan Unilever (-0.75%), Nestle India (-0.74%) and Titan (-0.59%) were among the other top losers.