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Sensex opened lower by 712 points at 50,731.81 and Nifty-50 slipped 213 points, or 1.40 per cent at 15,031.80
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Profit booking took over the market and pushed the indices to open lower on Thursday, March 4. Weak global cues also dragged the markets downwards. Trends on SGX Nifty also indicated a gap-down opening for the Indian markets.
Sensex opened lower by 712 points at 50,731.81 and Nifty-50 slipped 213 points, or 1.40 per cent at 15,031.80. At the opening, 971 shares declined, 470 shares advanced and 70 remain unchanged.
HDFC twins, Reliance and ICICI Bank were the top drags for Sensex in the early trade. Profit booking in the blue chip stocks have dragged the index after staying positive for the previous three sessions.
Metal stocks also witnessed heavy selling as traders cleared their positions after a prominent rally. JSW Steel and Tata Steel top index losers as they shed over three per cent each.
Among the sectors, except for Nifty Media all other sectors were trading in the red territory. Private banks and Financials drag the most. The Nifty Bank index also slipped below 35,700 in the early trade.
However, the Midcaps and Smallcaps were trading positive with the BSE Midcap up 0.51 per cent and Smallcap higher by 0.54 per cent. Adani Power bagged the top contributor as it surged nearly 10 per cent in the early trade session.
Apart from the performance of the global markets, the U.S 10-year bond yields rising again to 1.48 per cent has also spoiled the sentiment for equity markets, say experts.
"Bond yields are now exerting a major influence on stock pIn India, this has been a 'Buy on dips' market and it is likely to remain so till a major correction pulls it down. This will happen only when FPIs turn sellers on a sustained basis", said, VK Vijaykumar, Geojit Financial Services.