Markets in the red amid volatility; IT, Auto, stock worst hit

3 Nov 2022 , 02:00 PM

Domestic benchmark indices trading in the red after a gap-down opening on Thursday. Both the Sensex and Nifty benchmarks are marginally lower in the afternoon market session. Moreover, Indian markets may witness volatility ahead of RBI meeting later today.

The performance comes after, the Fed raised rates by 75 basis points on Wednesday and said its battle against inflation will require borrowing costs to rise further. Further,  investors’ focus will now turn to US jobs data on Friday, which could offer some cues on future interest rate hikes.

On the sectoral front IT index underperformed by tumbling over 1.2% followed by auto, pharma and metal stocks plunging marginally.

At around 2:00 PM, Sensex was trading at 60,744.73 lower by 161.36 points or 0.26%. Nifty 50 traded at 18,024.80 lower 58.05 points or 0.32%

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Top Bulls on Nifty 50 are: SBI (+1.3%), Bajaj Auto (+1.2%), Bharti Airtel (+1.02%) supported by Axis Bank (+0.87%) and Bajaj Finance (+0.68%). Meanwhile, top losers on Nifty are: Hindalco (-2.74%), Tech Mahindra (-2.48%), Power Grid (-2.14%), Eicher Motors (-2%) and NTPC (-1.74%).

Meanwhile, the Reserve Bank of India’s Monetary Policy Committee (MPC), meeting later in the day, is likely to discuss its response to the government after failing to meet its inflation target for three consecutive quarters. However, Governor Shaktikanta Das said the RBI would not immediately make details of its report public.

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