Stock market opens lower with IT, telecom, and metal stocks dropping the most

The benchmark equity indices fell into red after opening on Thursday, April 17. IT, telecom, and metal stocks were down the most.

The benchmark BSE Sensex dropped by 186.94 points or 0.24%, reaching 76,857.35, while the broader NSE Nifty was down by 61.85 points or 0.26% to 23,375.35.

This comes as global investor sentiment got dented after US Federal Reserve chair Jerome Powell said on Wednesday that the central bank would wait for more clarity on the economic outlook before changing its interest rates.

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Which stocks fell the most?

Among the 30 Sensex stocks, Tata Steel fell the most by 1.17 per cent, reaching ₹135.35, followed by TCS which was down by 1 per cent, reaching ₹3,240, and Eternal, which was down by 0.81 per cent, reaching ₹220.25.

Eternal had also opened the third-lowest in the previous session by 1.30 per cent, reaching ₹219.40.

18 of the Sensex stocks were in the red.

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How did individual sectors perform?

Among the Nifty sectoral indices, the IT Index fell the most by 2.10 per cent, reaching 32,595.45. This was followed by Nifty Midsmall IT & Telecom, which was down 1.20 per cent, reaching 8,577.85, and Nifty Metal, which was down 0.62 per cent, reaching 8,402.45.

The IT index had fallen the most on the previous open as well by 0.94 per cent, reaching 32,963.30, and the Midsmall IT & Telecom Index fell the third most that time by 0.50 per cent, reaching 8,637.45.

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Stock market in the previous session

The stock market closed in the green after the previous trading session ended on Wednesday, April 17.

The Sensex closed 309.40 points in the green or 0.40 per cent up, reaching 77,044.29, while the Nifty was up by 108.65 points or 0.47 per cent in the green, closing at 23,437.20.

“The Nifty gained yesterday after holding above immediate support defined by Tuesday's Hanging Man candle low of 23,207,” said Akshay Chinchalkar, Head of Research at Axis Securities. “That said, the index is now testing an area defined by a key Fibonacci resistance level and the falling trendline originating at the record high and passing through the March highs of 23,869; this spans the 23,475 - 23,600 zone.”

He added that “yesterday's close was also above the 100-day moving average in a sign of encouragement for bulls.”

Among the Sensex stocks, IndusInd Bank rose the most by 7.12 per cent, closing at ₹788.25. This was followed by Axis Bank, which was up 4.26 per cent, closing at ₹1,161.55, and Adani Ports & Special Economic Zone, which was up 1.81 per cent, closing at ₹1,232.75.

IndusInd Bank had risen the most during the previous close as well by 6.84 per cent, closing at ₹735.85.

Only 11 among the 30 Sensex stocks were in the red.

Among the Nifty sectoral indices, the PSU Bank Index rose the most by 2.37%, closing at ₹6,417.05. This was followed by Nifty Media, which was up by 1.88%, closing at ₹1,577.60, and the Nifty Private Bank Index, which was up by 1.74%, closing at ₹26,556.60.

Foreign Institutional Investors (FIIs) were net buyers of ₹3,936.42 crore worth of equities, while Domestic Institutional Investors (DIIs) became sellers, selling a huge difference of ₹2,512.77 crore worth of equities.