Stock Performance Update: Mixed Trends in the Market Opening

Market Opening: Mixed Stock Trends

Written by: Supriya Kadu

Edited by: Pinky Deshmukh

Last Updated: May 09, 2024

During the market opening, the Nifty's sector indexes were trading in the green, except for the FMCG, Healthcare, and Consumer Durables indices, which were trading slightly lower.

Stock market today: The BSE Sensex and NSE's flagship index Nifty 50 opened in the red on Thursday, with the Sensex trading 57 points or 0.02 % lower and the Nifty 50 opening 0.10 % or 20 points worse. As of 09:19 am on May 9, Sensex was trading at ₹73,422.53 and Nifty at ₹22,285.10.

Amid a softer opening, midcap and smallcap indices were under pressure to sell, with the Nifty Midcap 100 and nifty Smallcap 100 trading 0.06 and 0.13 % lower, respectively.

Hero MotoCorp (up 4.64%), Bajaj Auto (up 1.89%), M&M (up 1.65%), HCL Tech (up 0.83%), and Maruti Suzuki (up 0.81%) are among the top gainers for the day on the Nifty 50.

Larsen & Toubro (down 4.17%), BPCL (down 1.43%), HDFC Life (down 1.25%), Tata Consumers (down 0.93%), and Dr Reddy Laboratories (down 0.86%) were among the major losses in the early trading.

Larsen and Toubro (L&T) shares fell 4.55% in early trade after the company announced its January-March quarter results for fiscal 2023-24 (Q4FY24) on Wednesday, May 8. L&T reported a 10.3% increase in net profit to ₹4,396 crore compared to what it did the previous year. However, the business has indicated that national elections and global geopolitical concerns may reduce the company's order intake and revenue in fiscal year 2025.

The National Stock Exchange added Canara Bank Ltd and Piramal Enterprises Ltd to its Futures & Options ban list on Wednesday, while Aditya Birla Fashion and Retail Ltd, Balrampur Chini Mills Ltd, Biocon Ltd, GMR Airports Infrastructure Ltd, Punjab National Bank, Steel Authority of India Ltd, Vodafone Idea Ltd, and Zee Entertainment Enterprises Limited remained on the list.

As of 10:02, Canara Bank shares were 0.75% higher at ₹560.30, while Piramal Enterprises stock dropped 3.24 % to ₹866.00.

Bank of Baroda's stock rose 2.07% to ₹268.15 a share after the RBI lifted restrictions on BOB World, allowing the bank to onboard customers using the app.

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