Markets nosedive on broad-based selloff; Sensex slips 330 pts, Nifty 50 below 17,800; IT stocks worst hit

16 Sep 2022 , 09:38 AM

Indian markets opened on a negative note tracking weakness in global markets as over concerns about rate tightening and sharp recession period has dampened the sentiments of investors. Investors are also tracking news flow on next week’s Fed comments which makes market nervous.

At home, IT stocks weigh down the most and sheds 400 points. Sensex has dipped to as much as below 59,395.81 and Nifty 50 even erased 17-800 level during early deals on Friday.

Moreover, globally, US markets US markets witnessed volatility as fear over Federal Reserve rate action sees money exit equities & enter fixed income. Also, Bond yields hit 3.45%.

At around 09:35 AM, Sensex was trading at 59,598.73 below 335.28 points or 0.56%. Nifty 50 performed at 17,796.90 lower by 80.50 points or 0.45%.

On Nifty gainers, UPL surged over 1.2% followed by Bajaj Finance and IndusInd Bank gaining around 1% each. Sun Pharma and Asian Paints also climbed 0.79% and 0.72% respectively.

Nifty underperformers are: M&M, Tech Mahindra, Tata Consumers, ONGC and TCS plunged between 1.5-2%.

In terms of sectoral indices, Nifty Bank, IT, metals dragged benchmark Nifty 50 and other sectoral indices however pharma stocks are marginally up to support the market sentiments. Nifty IT dropped more than 400 points amid weakness in global technology stocks.

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