Markets trade flat as IT stocks extend losses; Nifty around 17,650 levels

12 Aug 2022 , 09:37 AM

The Indian market was in a volatile session and trading flat on Friday tracking weak global cues. All the major sectoral indices were trading lower with banking, financial and IT stocks underperforming the most. The volatility in Indian equities also traced mixed global cues as investors became cautious on Fed’s interest hike rate strategy.

Benchmarks heavyweight ONGC will be in focus ahead of its June 2022 quarterly result scheduled for later today.

Other stocks that will be in focus ahead of its June 2022 quarterly result today are – Life Insurance Corporation, Hero MotoCorp, Grasim industries, Divis Labs, Zee Entertainment, Apollo Tyres, Astral, Bajaj Electricals, Bharat Dynamics, Campus Activewear, Dilip Buildcon, Hindustan Aeronautics, Indiabulls Real Estate, Muthoot Finance, Info Edge India, Sun TV Network, Timeken India and Wockhardt.

The June 2022 quarter will also sway the stock performance of Grasim, Life Insurance Corporation and among others.

At around 09:36 am, Sensex was trading at 59,289.84 down by 42.76 points or 0.07%. Meanwhile, Nifty 50 performed at 17,645.05 lower by 13.95 points or 0.08%.

In terms of sectoral indices, except metals and realty all the major indices trading in the red where IT and pharma index were worst hit.

Top bulls on Nifty are – ONGC surging nearly 1.6% followed by Hindalco and Grasim advancing around 1% each. Eicher Motors and SBI jumped by 0.7% and 0.6% respectively.

Top bears on Nifty were – Apollo Hospitals plunging 2.8% followed by Tata Motors, Tech Mahindra, Maruti Suzuki and Infosys diving marginally.

On the global front, Asian markets opened mixed with the Japanese ‘Nikkei’ trading higher by 2% as it reopened after the holiday yesterday & was seen catching up with the global rally spurred by lower inflation reading in the US.

Overnight, on the wall street, US markets booked profit after stupendous run up with Dow Jones closing up 27 while Nasdaq closes lower by 74 points.