Markets erase early gains, trades flat amid volatility; Metal stocks gain

18 Jan 2023 , 09:35 AM

Indian markets opened in green on Wednesday however erased their gains and were trading on a flat note led by the broad-based selloff amid mixed global cues.

At around 10.25 am, Sensex was trading at 60,596.52 down by 59.2 points or 0.10%. The index has touched an intraday high and low of 60,763 and 60,569.19 respectively.

Nifty 50 performed at 18,043.95 below 9.35 points or 0.05%. The benchmark has touched an intraday high and low of 18,090.55 and 18,032.45 respectively.

In terms of sectoral indices, on NSE, the Metal index witnessed a super rally currently and surged by 1.2% followed by IT, Pharma index with marginal gains. The Banking, PSU Bank index traded flat but, in the red.

Top gainers on Nifty were – Hindalco, SBI Life, Tata Steel, HCL Tech and UPL surged between 0.7-1.7%

Top losers on Nifty were – HDFC Life, Adani Enterprises, M&M, Cipla and ICICI Bank.

Investors await for Q3 earnings of IndusInd Bank that is scheduled for today.

Other Q3 earnings today are – Alok Industries, CCL Products (India), Central Bank of India, Oracle Financial Services Software, Persistent Systems, PSP Projects, Rallis India, Shemaroo Entertainment, and Surya Roshni will be in focus.

On the global front, Asian markets opened in the green led by the Japanese ‘Nikkei’ which traded higher by 180 points after the superb 350 points gain yesterday.

Overnight, on Wall Street, US markets see weakness after reopening on Tuesday as weak earnings from Goldman Sachs disappoints the street with Dow Jones closing lower by 390 points. Nasdaq closes in the green despite the volatility.

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