Markets trade lower amid weak cues; IT, Consumer Durables worst hit

Indian markets traded in red on Tuesday tracking weak global cues as investors are cautious that global cues will continue to dictate the Indian market trend. Moreover, domestic factors like the upcoming GST council meet will also be in focus. IT and Consumer Durable stocks weighed down the most on the benchmarks back at home. 

At around 9:35 AM, Sensex was trading at 52,861.12 down by 300.16 points or 0.56%. Nifty 50 was performing at 15,742.75 lower by 89.30 points or 0.56%.

Gainers on NSE were – ONGC surging by 1.7%, while JSW Steel, M&M, NTPC and Dr Reddy’s jumped between 0.5-0.8%.

Losers on NSE were – Titan, Asian Paints, Bajaj Auto, Bajaj Finserv and Apollo Hospitals diving more than 1.5-3% each.

Nifty Financial Services dipped nearly 1%, while Bank Nifty also followed with more than 0.6% downside. Nifty IT, Nifty Consumer Durables and Nifty Pharma also tumbled more than 1% each.

Also, Bajaj Auto stocks in focus today as the company announced to buyback shares worth Rs2500 crore at Rs4,600 each.

On the global front, Asian markets opened in the green led by the Japanese ‘Nikkei’ which was up over 100 points accompanied by the South Korea market & the ASX. However, US markets saw a quiet start to the week with profit booking in all indices where Dow Jones closes lower by 60 points while Nasdaq loses 83 points.