Markets under selling pressure; IT index drags down the chart

2 Mar 2023 , 01:23 AM

In the afternoon trading session on Thursday, Indian shares are trading on a downside due to sustained foreign selling. This downward trend was consistent with the drop in global equity markets, which followed the release of the latest inflation indicators in the United States.

The indicators suggested the possibility of a prolonged period of high-interest rates, which further fueled the selling by foreign investors.

At around 1.15 PM, BSE Sensex was trading at 59,019, down by 392 points. NSE Nifty was trading 86 points lower at 17,364.

The decline in Indian stocks is prompted by the drop in two out of the three major Wall Street indexes the previous night.

From a sectoral perspective, all the major sectoral indices are in the red zone. Heavyweight Nifty IT (-0.98%) is trading 1% lower. Nifty Bank (-0.40%) and Financial Services (-0.51%), Auto (-0.36%), and Media (-0.40%) are also on a marginal decline.

Adani Enterprises is trading with a 2.50% upside, being the top gainer.

Coal India gained over 2% on February month coal production release. The company posted 14% y-o-y growth in its coal production during April-Feb 2023.

Hero MotoCorp (+1.67%), BPCL (+1.63%) and Adani Ports (+1.32%) are also trading ~2% higher, joining the rally.

Maruti Suzuki (-1.87%) is the top NSE laggard today as the company’s export dropped 28.40% y-o-y. Axis Bank (-1.84%), Infosys (-1.56%), TCS (-1.55%) and Bharti Airtel (-1.37%) are also trading with over 1% downside.

Out of the total stocks on nifty index, only 15 advanced while 35 declined.

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