Stock Market Today Live Updates: Sensex, Nifty erode early hour gains; Britannia shares up

The indices, early today, made a gap-up start on Monday amid positive cues from Wall Street after higher-than-expected unemployment data. BSE Sensex opened 340.91, or 0.46 per cent higher at 74,219.10 while Nifty inched 85.80 points, or 0.38 per cent higher at 22,651.60.

Among sectoral indices, auto, IT, pharma, FMCG, Realty, healthcare remained in green whereas PSU Bank, metal, energy, media are trading in red. The market is also reacting to earnings report released during the weekend. Britannia shares are top nifty gainer, while shares of Titan fell the most post Q4 results.

During the initial hours of trade, PSU shares reported a sharp fall as all components of Nifty PSE trading in the red. The index is trading 343.40 pints, or 3.44 per cent lower at 9,914.35.

‘Since PSU banks have higher exposure to corporate and infrastructure loans, it will hurt their margins if the norms are implemented. That’s why state-owned banks are reacting negatively,’ Siddhartha Khemka, Head – Retail Research at Motilal Oswal Financial Services, said.

Similarly, GIFT Nifty is trading 53.50 points, or 0.24 per cent up at 22,654.50. It gained 94.50 points, or 0.42 per cent higher at 22,675.50 at the time of opening bell.

The broader markets, however, exhibited weaker trends with Nifty Midcap 100 declining as much as 300 pts to trade near 50,600 mark. Nifty Smallcap 100 also inched 1.10 per cent lower at 16,769.80.

The rupee appreciated 3 paise to 83.42 against the US dollar in early trade. At the interbank foreign exchange market, the local unit later touched 83.42 in initial trade. On Friday, the rupee had inched up 1 paisa to settle at 83.45 against the US dollar.