Markets in mixed spirits; Nifty under 17,000

In the Thursday afternoon session, the Indian stock markets exhibited instability due to uncertain investor confidence globally. This was prompted by Credit Suisse, a leading European financial institution, exacerbating concerns regarding a potential financial sector crisis.

On the sectoral front, the Nifty metal pack is trading ~3% lower. Nifty Bank, Financial Services, and IT also lost about 1%.

Nifty Media index gained about 4%, driven by an over 6% uptick in Zee Entertainment’s stock as the company has agreed to repay dues owed to IndusInd Bank.

At around 2.00 PM, BSE Sensex is trading 41 points lower at 57,514 points. NSE Nifty is trading marginally down at 16,967 points.

On the Nifty index, BPCL (+5.80%) is trading with the highest upside of ~6%. Nestle India (+2.38%), Asian Paints (+2.09%), Titan (+1.91%), and Sun Pharma (+1.75%) are trading about 2% higher.

Hindalco is the top NSE loser, sinking over 5%. Tata Steel plummeted around 4%. JSW Steel (-2.89%) and IndusInd Bank (-2.87%) put some pressure on the chart with about a 3% downside. Infosys (-1.23%) also trading nearly ~1% down.

A total of 24 stocks advanced while 26 declined on the Nifty index, indicating mixed investor sentiment in the market.

Globally, at the beginning of trading on Thursday, European stock markets edged up following the news that Credit Suisse, a beleaguered bank, had secured a substantial financial rescue package.

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