Indian equity markets wipe off gains of yesterday

2 Mar 2023 , 04:01 PM

Indian equity markets saw another day in red today. Some profit booking took place after the gains of yesterday. Selling by foreign investors continued to put pressure on Indian equity markets. Nifty 50 closed, down by 130.75 points. Sensex closed, down by 501.73 points. Top Gainers today were Adani Ports, Coal India and BPCL. Top Losers today were Maruti, Axis Bank and TCS. 

Selling pressure was seen in stocks across market capitalization categories. Selling pressure was seen in many IT stocks. Higher inflation rate in Germany and some other European countries in February has raised the specter of European Central Bank raising interest rate further. There is already a good probability that US Federal Reserve will continue with its hawkish stand. Further interest rate increases by central banks will deteriorate the economic situation globally. This is unfavorable for Indian IT stocks, that have global exposure. Good buying demand was seen though, in some realty stocks today. Realty stocks too will get adversely impacted by increase in interest rates.

Yes Bank, RVNL, IRFC were the most traded stocks today at NSE, in terms of volume. RVNL’s stock saw trading interest after a joint venture led by it won the bid for Vande Bharat project. Adani Enterprises, HDFC and Power Grid were the most traded stocks in terms of value. 21 stocks touched new 52-week high today at NSE. 63 stocks touched new 52-week low.