Markets deeply in red

22 Feb 2023 , 02:06 PM

In Wednesday’s afternoon session, the Indian equity markets were deeply in red, on the back of negative global cues.  Fears of economic recession increased because of the slump seen in US home sales in January. Existing home sales in US came down y-o-y by 36.9% in the month. 

Meanwhile, investors awaited the release of the Federal Reserve’s latest monetary policy meeting minutes.

All the major sectoral indices on Nifty were trading in red. Nifty Metal (-2.66%) index dragged down the chart with ~3% downside. Nifty Bank (-1.71%) and Financial Services (-1.74%) shed about 2%. Nifty IT stocks fell nearly 1%.

At around 2.00 PM, BSE Sensex was trading 895 points lower at 59,777. NSE Nifty shed 266 points and was trading at 17,561.30 points.

ITC (+0.30%), Divis Lab (+0.15%), and Sun Pharma (+0.06%) were the only gainers on the Nifty index today.

Adani Group company Adani Enterprises (-9.96%) nosedived 10%. Adani Ports (-5.05%) declined 5%. Grasim Industries (-3.53%), JSW Steel (-2.85%), and Bajaj Finance (-2.66%) weighed down the chart with nearly a 3% downside.

Only 3 stocks on the Nifty index advanced with marginal gains, while all other 47 stocks declined.

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