Bears hover on markets amid weak cues; Sensex drops 300 pts, Nifty 50 around 17,550; Banking, IT worst hit

7 Sep 2022 , 09:40 AM

The start of Wednesday’s trading session began with bears taking control and sweeping off super gains of benchmarks Sensex and Nifty 50 from last day. The downside was on an expected line amid weak global cues. A broad-based sharp sell-off was witnessed across sectoral indices on Wednesday with banking stocks taking the worst coupled with IT stocks that also weighed down substantially.

Weak global cues further added to the selling pressure for equities back at home. So far in the early deals, Sensex has nosedived by at least 400 points, while Nifty 50 has plunged by nearly 136 points.

At around 09.35 am, Sensex was trading at 58,846.02 down 350.97  points or 0.59%. Nifty 50 performed at 17,551.60 lower by 104 points or 0.59%.

However, in terms of broader markets, Sensex Next 50 climbed more than 100 points.

On NSE, in terms of sectoral indices, the Banking index dipped nearly 300 points, while the IT index dropped by 230 points. However, FMCG, pharma and oil & gas stocks shrugged off a bearish tone and emerged as the key drivers of the day by surging marginally.

Top bulls on Nifty were – Coal India soaring 0.73% followed by Cipla, Shree Cements advanced 0.68% and 0.65%. HDFC Life, Tata Consumers also climbed 0.6-0.4%.

Top bears on Nifty were – IndusInd Bank plummeting nearly 2% followed by Bharti Airtel and ONGC shedding 1.4% and 1.2% respectively. Kotak Bank, HDFC fell by around 1% each.

On the global front, US markets continue losing streak with Nasdaq down over 8 days last seen in November 2016. Further, oil prices fell over 3% as demand constrictions sees growth faltering in Europe.

Moreover, Asian markets opened in the red following weak US cues where the negativity index hit a new high as pessimism dawns deep on investors ahead of the inflation data & Federal Reserve policy.

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