Stock Market Opening Bell: Sensex Slips 750 Points, Nifty Below 17,700, Infosys Plunges 11 Per Cent

Stock Market Update: On the 30-share Sensex platform, PowerGrid, IndusInd Bank, Nestle were trading in the green. On the flip side, Infosys, Tech Mahindra, HCL Tech, TCS were among the early losers.

In the broader markets, the BSE MidCap and Smallcap indices slipped 0.3 per cent each.

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The two key equity benchmarks, Sensex and Nifty, on Monday, opened weak with Nifty below 17,700 and Sensex tanking over 700 points. Infosys plunged over 11 per cent as fourth-quarter results disappointed investors. Other IT stocks, also dropped up to 7.5 per cent. 

At 9:30 am, the BSE Sensex plunged 760 points to 59,670. On the other hand, the NSE Nifty50 was trading at 17,635.40, down 193 points.

On the 30-share Sensex platform, PowerGrid, IndusInd Bank, Nestle India, UltraTech Cement, HUL, and Titan were trading in the green. On the flip side, Infosys, Tech Mahindra, HCL Tech, TCS, Wipro, and HDFC were among the early losers.

Among Specific stocks on Nifty50, Infosys, Tech Mahindra, HCL Tech, TCS and Wipro dragged the market. On the other hand, PowerGrid, IndusInd Bank, Nestle India, UltraTech Cement, and Britannia were trading marginally higher. 

In the broader markets, the BSE MidCap and Smallcap indices slipped 0.3 per cent each.

Sectorwise, the Nifty IT index dropped 6.45 per cent and the Nifty Financial Services index was down 0.24 per cent. 

In the previous session on Thursday, the BSE Sensex closed 77 points down to 60,315. On the other hand, the NSE Nifty50 also closed at 17,790, down 21 points.

Wall Street closed lower on Friday as mixed economic data appeared to affirm another Federal Reserve interest rate hike. This also dampened investor enthusiasm after a series of big US bank earnings launched the first-quarter reporting season. In Asian markets, Asian stocks opened with mixed signals on Monday as the US earnings season is set to begin.  Investors also waiting for the Chinese data to understand how the world's second-largest economy is recovering.

On Monday oil prices rose backed by OPEC+'s plans to cut more output. Brent crude futures rose 17 cents higher to $86.48 per barrel by 01.44 GMT local time. The US West Texas Intermediate crude was up at $82.66 per barrel.

Meanwhile, the Rupee opened marginally lower at 81.89 per dollar against Thursday's close of 81.85. In the last session, the Rupee appreciated 26 paise to close at 81.85 against the US dollar on Thursday.