Markets bearish amid weak global cues; Sensex sheds 300 pts, Nifty below 15,300

17 Jun 2022 , 09:38 AM

Domestic equity market on Friday had a bleak start amid weak global cues wherein the broader indices fell in the early trade. The heavy selloff at home was due to weak global cues as appetite for equities soured after US inflation data. Also, investors turned cautious as world shares resume slide on growth fears as Swiss, UK hike rates. 

At around 9:35 AM, the benchmark BSE Sensex tumbled 333 points or 0.65% to 51,161.86; while the broader NSE Nifty fell 91.55 points or 0.60% to 15,269.05. All the sectoral indices are trading in the red with auto, FMCG, IT, pharma, realty indices down 1-2% each.
   
NSE gainers are Bajaj Auto (+1%), Coal India (+0.6%), RIL (+0.4%) followed by Titan, Wipro, Asian Paints, Dr Reddy’s, TCS shedding between 2-2.5% on NSE.

FMCG, Auto, IT, pharma stocks were the worst hit. On NSE, the IT index slipped more than 600 points, while the FMCG and pharma index dropped 500 and 250 points respectively. However, the metals were trading on a muted level but in the red. Other sectoral indices were in red with a downside ranging from 1-2%.

Meanwhile, Asian indices opened in the red led by the Japanese ‘Nikkei’ which was down over 550 points. Most other Asian markets traded muted despite the sharp fall in the US$ & bonds as risk off trade sees equities underperform. Chinese stocks will see action as most regions ready to reopen after the Covid lockdowns.

Overnight, US markets see another sell off as markets feel Federal Reserve tightening & raising of rates could see recession by 2023, which sees equities sell off.