Stock Market Today: Markets Open Lower; Sensex Falls 150 Points, PSU Bank Stocks Shine
Indian stock markets started the week on a weak note as Sensex slipped 150 points and Nifty dropped 50 points, while PSU bank stocks witnessed strong gains amid volatility in global trends.
Mumbai, November 3:
The Indian stock market opened on a weak note on Monday, with the Sensex slipping 150 points and the Nifty dropping by 50 points, falling below the 25,700 mark. However, Bank Nifty started on a positive note, up by 30 points, while midcap and smallcap stocks continued to show strength.
The PSU bank stocks led the rally, supported by gains in metal and auto sectors.
Top gainers on Nifty 50 included Shriram Finance, M&M, Indigo, SBI, ONGC, Apollo Hospitals, and Eicher Motors, while Maruti, BEL, Titan, Bajaj Finance, Adani Ports, Axis Bank, and Dr. Reddy’s were among the major losers.
Last week witnessed sharp volatility in the markets due to heavy foreign institutional investor (FII) selling and a strong US dollar. However, robust GST collections and higher government spending helped maintain stability in market sentiment.
On Friday, FIIs sold equities worth ₹6,770 crore, while domestic institutional investors (DIIs) continued their buying spree for the 46th straight day, investing ₹7,070 crore. Market participants are closely watching government data, corporate earnings, and global cues for further direction.
The government’s fiscal position remains healthy, with 40% growth in expenditure and 52% of the capex target already achieved in the first half of the fiscal year. The fiscal deficit stands controlled at 36.5%.
Corporate Earnings:
BPCL, Bank of Baroda, and Phoenix Mills posted strong quarterly results. Patanjali Foods also delivered positive numbers, while Godrej Consumer disappointed. Today, all eyes are on Titan, Bharti Airtel, Power Grid, and Tata Consumer as they announce their results.
Other Updates:
The Goa government has suspended Ola Electric’s trade certificate, halting its vehicle sales after multiple customer complaints. Meanwhile, ISRO successfully launched CMS-03, India’s heaviest satellite (4,410 kg), aboard the ‘Bahubali’ rocket, marking another major milestone for the space agency.
💬 Quick Highlights:
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📉 Sensex down 150 pts, Nifty below 25,700
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💹 PSU Banks, Metals, and Auto stocks in focus
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📊 FIIs sell ₹6,770 crore; DIIs remain net buyers
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🏦 BPCL, BoB post strong results; Godrej Consumer disappoints
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🚀 ISRO launches India’s heaviest satellite CMS-03
