Markets fall tracking global peers

9 Aug 2023 , 01:10 PM

Indian benchmark indices are trading lower in Wednesday’s afternoon session after China’s data boosted deflation concerns and the US banking downgrade ignited a sell-off in Wall Street. The drop in domestic equities comes amid growing fears about China’s economy, slipping into deflation for the first time since February 2021.

On the sectoral front, Nifty Bank and Financial Services stocks are trading ~1% lower. Nifty IT, Auto, and Metal stocks held the ground with marginal upside. All other sectoral indices are trading in mixed numbers.

At around 1.00 PM, BSE Sensex is trading 297 points lower at 65,550. NSE Nifty is trading lower by 70 points at 19,500.

Dr Reddy’s (+3.66%) is trading as the biggest gainer on the nifty index today. Tech Mahindra (+2.22%) and Coal India (+1.61%) are supporting the chart with a 2% uptick. UPL (+1.42%) and Mahindra & Mahindra (+1.36%) are also extending gains.

Divis Lab (-3.30%) is so far the top loser. Asian Paints (-1.26%), Hero MotoCorp (-1.17%), Apollo Hospital (-1.13%), and ITC (-1.07%) are trading with a dip of 1%.

A total of 21 stocks advanced, and 29 declined on the nifty index today.