Markets crash; Sensex tumbles over 600 pts; Nifty tests 17,800

6 Jan 2023 , 02:13 PM

Domestic benchmark indices trading in the red after a positive opening on Thursday’s trading session. Both the Sensex and Nifty benchmarks are 1% lower in the afternoon market session.

On the sectoral front, all the sectoral indices are trading lower followed by banking, IT and metal stocks tumbling between 1.6-2%.

At around 2:00 PM, Sensex was trading at 59,746.44 lower by 606.83 points or 1.01%. Nifty 50 traded at 17,819.40 lower 172.75 points or 0.96%

Top Gainers on Nifty 50 are: HDFC Life (+0.85%), SBI Life (+0.8%), Britannia (+0.75%) supported by BPCL (+0.7%) and ONGC (+0.58%). Meanwhile, top losers on Nifty are: TCS (-3.2%), IndusInd Bank (-3%), Bajaj Finserv (-2.67%), JSW Steel (-2.64%) and Tech Mahindra (-2.5%).

Further, Government will be releasing the first advance economic growth estimates for FY23 today. This data will be used to prepare the Budget for financial year 2023-24.

Moreover, a rebound in global oil prices (+1%) for the second consecutive trading session put pressure on Indian markets. This upward trend in oil prices comes after a winter storm in the US resulted in lower fuel inventories.

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