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Markets trade flat amid weak global cues; Nifty around 17,500 dragged by IT stocks

On NSE, the IT index dragged over 200 points with metal stocks under pressure.

August 10, 2022 9:26 IST | India Infoline News Service
Indian markets traded on a muted level led by Asian counterparts having mixed sentiments on Wednesday. Back at home, Sensex and Nifty 50 were dragged by broad-based selling pressure amid June 2022 quarterly earnings. Meanwhile, investors will be eyeing the US monthly inflation data to be announced overnight.
Furthermore, consolidation is expected in domestic equities today with weak global cues due to cautious tone from investors.
At around 9:31 AM, Sensex is trading at 58,847.76 down 5.31 points or 0.01%. Nifty 50 performed at 17,514.05 down by 11.05 points or 0.06%.
Top bulls on Nifty were - Nestle India and SBI Life soaring over 1.5% each followed by Sun Pharma surging around 1.4%. ICICI Bank and Power Grid jumped nearly 1.3% each.
Top bears on Nifty were - HCL Tech tumbling around 1.5% followed by Infosys plunging 1.2%. Asian Paints, Wipro and Tech Mahindra are 1% down each.
Major companies like Coal India, Eicher Motors, Hindalco Industries, Tata Consumer Products, IRCTC, Ashoka Buildcon, CESC, Cummins India, Glenmark Pharmaceuticals, Indiabulls Housing Finance, Ipca Laboratories, NHPC, Oil India, Pidilite Industries, PB Fintech and Zydus Lifesciences will be in focus today ahead of their Q1 earnings.
In terms of sectoral indices, on NSE, the IT index dragged by 200 points with metal stocks under pressure. However, Banking, auto, FMCG,, oil & gas stocks were marginally higher to support the overall markets.
On a global front, Asian markets opened in the red led by the Japanese 'Nikkei' which was down 140 points in early trade as Chinese stocks will again be in action as short term geopolitical risk sees ETF flows out of equities & into other markets.
Overnight, US markets logged profit booking for 2 days as Nasdaq leads the markets lower with technology stocks under pressure. US bond yields trade near 2.78% as markets digest huge outperform jobs numbers which may see the Federal Reserve keep 75 basis points rise in September on the table.

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