Markets slip amid weak cues; Sensex falls 300 pts, Nifty 50 below 18,100; Bank, Auto underperform

10 Nov 2022 , 09:57 AM

Indian markets extended their selling pressure on Thursday following weak global cues as traders cumulatively observe the developments in major economies inflation data. Banking, and auto stocks were the worst hit. On the contrary, healthcare stocks made a recovery after a steep sell-off on the previous day. Today, expect stocks specific action as large caps remain under pressure from global cues & foreign selling.

The week has remained volatile for equities globally. Macroeconomic data, corporate earnings and weak global cues continue to have their play in steering sentiments.

At around 9;36 AM, Sensex was trading at 60,688.18 down by 345.37 points or 0.57%. Nifty 50 slipped by 99.35 points or 0.55% and was trading at 18,057.65. The index has nosedived up to the day's low of 18,040.15.

In terms of sectoral indices, on NSE, the Banking and Auto index nosedived by more than 200 points and 180 points respectively. The Metal and  IT index dipped marginally. Healthcare and Pharma index traded on the positive front.

Bulls on Nifty were - Cipla soaring by 1.7%. Dr Reddy's Lab, Hindustan Unilever, Divis Lab and  HDFC Life gained too.

Bears on Nifty were - Tata Motors slipping 4.3%, while Axis Bank followed with a 2.5% drop. M&M, Eicher Motors, Tech Mahindra dipped between 1.6-2%.

Companies like Eicher Motors, Zomato, Adani Green Energy, Apollo Hospitals Enterprise, Ashok Leyland, Aster DM Healthcare, Bata India, Mrs. Bectors Food Specialities, Berger Paints India, Campus Activewear, Container Corporation of India, Gujarat State Petronet, Gujarat Gas, Indian Hotels, Jindal Steel & Power, Kalpataru Power Transmission, Kalyan Jewellers India, Linde India, Mazagon Dock Shipbuilders, Muthoot Finance, NHPC, Oil India, Page Industries, Power Finance Corporation, RITES, SAIL, Suzlon Energy, Torrent Power, and Trent will be in focus as they are ready to announce their financial performance for Q2FY22 later today.

On the global front, Asian markets opened weak following cues from the US overnight fall in indices as profit booking was witnessed after the last few days bull rally. The Japanese 'Nikkei' was leading the fall as weaker 'Yen' coupled with commodities seeing profit booking saw energy stocks lead the decline.

Overnight on the Wall Street, US markets see a big day of profit booking before CPI Data & US election results. Dow Jones falls over 640 points while nasdaq tumbles 263.

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