Indian equity markets deeply in red

27 Jan 2023 , 10:17 AM

Indian markets were in a bloodbath on Friday’s opening. Except Pharma and Auto stocks, all other sectoral indices on exchanges ,BSE and NSE, nosedived. Oil & Gas stocks bled the most in the panic selloff. Banking stocks also contributed to the downside substantially.

Sensex fell below the 60,000-mark. 

December 2022 (Q3FY23) quarterly earnings continue to influence markets’ mood.

Today, for the volatile January series expect higher than normal volatility as markets head into the Union Budget on 1st February.

At around 09.55 am, Sensex was trading at 59,746.16 down by 458.9 points or 0.76%. The index has touched an intraday low of 59,543.01.

Nifty 50 was at 17,771.40, lower by 120.55 points or 0.67%. 

In the broader markets, Midcap and LargeCap stocks took a massive beating. On NSE, the MidCap index dived nearly 0.61%, while India’s Volatility Index surged over 9%.

On NSE, in the case of sectoral indices, the Oil & Gas index dropped over 3.5% or 300 points, while the Banking index slipped over 730 points. However, Auto index climbed nearly 250 points.

Top Gainers on NSE were – Tata Motors, Bajaj Auto, ITC, Dr Reddy’s and Cipla.

Top Losers on NSE were – ICICI Bank, Adani Enterprises, Adani Ports, Axis Bank and heavyweight Reliance dipping between 1.8-2.7%.

Companies set to announce their Q3 results are – Bajaj Finance, Vedanta, Aarti Drugs, Aditya Birla Sun Life AMC, CMS Info Systems, Glenmark Life Sciences, Godfrey Phillips India, Sterlite Technologies, Zenotech Laboratories, and AIA.

On the global front, Asian markets opened mixed after some quiet trade as Chinese holidays saw limited participation with Hang Seng resuming trading with a bang up 600 points yesterday.

US markets logged super rally as technology stocks lead the comeback with S&P 500 index reclaiming 4000 as Nasdaq closes higher by 200 while Dow Jones gains over 320 points in 2 days.

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