Markets trade lower amid volatility; Sensex falls 100 pts while Nifty around 15,700; Metals worst hit

15 Jun 2022 , 09:48 AM

A cautious tone was seen in the opening bell of Wednesday as investors stay sceptical over the WPI inflation numbers released yesterday. A mixed stance was logged across sectoral indices with auto stocks outperforming its counterparts and metals being the worst hit.

WPI (Wholesale Price Index) Inflation hits 30-year peak of 15.88% in May, the highest since September 1991 mainly driven by vegetable inflation which grew dramatically to 56.36% in May from 23.24% in  April. 

However, keeping inflation numbers in mind and the recent economic activities, Fitch expects RBI to hike repo rate to 5.9% by December-end on worsening inflation outlook.

At around 9:45 AM, the benchmark BSE Sensex was trading lower by 117.96 points or 0.22% to 52,575.61; while the broader NSE Nifty down 27.40 points or 0.17% to 15,704.70. Heavyweight sectoral indices including metals and FMCG stocks are trading in the red whie other indices up marginally.
  
Top bulls on Nifty 50 were - Tata Motors (+1.4%), M&M (+1.1%), Bajaj Finserv (+1.1%) followed by Tata Steel and Bajaj Finance.
Top bears on Nifty 50 were - Reliance Industries was the top bear following Hindustan Unilever, Britannia, HDFC and Bharti Airtel.

In terms of sectoral indices, on NSE, the Metal index logged selling pressure from investors to plunged around 1%. Also, the FMCG index tumbled over 150 points to drag the overall market.

Bharti Airtel stocks in focus today as the company acquires 14.30% stake in SPV Avaada MHAmravati.  

Furthermore, Asian indices opened mixed with the Japanese 'Nikkei' still trading in the red in early trade down 140 points, while the Taiwan & Hong Kong markets trade in the green.