Markets trade lower; Sensex near 56,660, Nifty 50 below 17,000; IT, Consumer Durables stocks drag; Titan, Coal India top bears

Indian markets kicked started this week’s trading on a massive bearish note tracking weak global cues on Monday. At the domestic front, all the sectoral indices were trading lower. IT, metal and consumer durables stocks underperformed the most.

Globally, investors gauged inflation risks amid recession fears. Meanwhile, in India, as per government released data GST revenue collection touches all-time high in April at Rs1.68 lakh crore. The numbers are almost 18% higher than the government’s previous record of Rs1.42 lakh crore in March 2022.

Furthermore, corporate earnings of heavyweights also played a role in risk appetite for equities. Also, monthly auto sales data were among those that influenced markets.

At around 09:40 AM, Sensex was trading at 56,665.43 down by 395.44 points or 0.69%. Nifty 50 was performing at 16,985 lower by 117.55 points or 0.69%.

Gainers on Nifty 50 were – IndusInd Bank soaring by 4%. Stocks like Axis Bank, Tata Motors and HDFC Life traded marginally up.

Underperforming stocks on Nifty 50 were – Titan plunging by 3% followed by Sun Pharma, Coal India, Asian Paints and SBI Life shed between 1.6-2%.

Index heavyweights Infosys, Tech Mahindra nosedived by 1.4 and 1.3% respectively. Other stocks that were among the top losers were – Bajaj Auto, Eicher Motors, Hero MotoCorp, Maruti Suzuki.

Nifty Consumer Durables dipped by 550 points, while Nifty IT slipped 350 points on Monday’s bearish trading session.