Markets give up opening gains; Nifty slips below 16,900; Hindalco, JSW Steel top losers

15 Mar 2022 , 10:05 AM

Equity benchmark indices snapped a five-day running streak on Tuesday’s trade. The indices opened in the green in the early morning trade as the BSE Sensex soared more than 150 points before cooling down to trade lower. The Nifty 50 was flat, just below 16,900 levels.

On the sectoral front, Nifty Auto and Nifty Pharma were outperforming the index by rising as much as 1.05 per cent and 0.87 per cent, respectively, however, selling seen in Nifty Metal and Nifty Oil & Gas slipped 1.80 per cent and 0.83 per cent, respectively.

The 30-share BSE Sensex fell 140 points or 0.25 per cent to 56,345.63, while the broader NSE Nifty dipped 59 points or 0.35 per cent to 16,812.05. Mid- and small-cap shares were trading on a flat note as Nifty Midcap 100 index rose 0.32 per cent and small-cap shares gained 0.12 per cent.

The overall market breadth stood positive as 1,804 shares were advancing while 1074 were declining on BSE.

On the stock-specific front, Tata Consumer is among the top Nifty 50 gainers, followed by Cipla, Maruti, Sun Pharma and Ultra Tech Cement. Losers included on the Nifty included ONGC, Hindalco, Tata Steel, JSW Steel and Coal India.

On the global market front, Asian markets see lacklustre trade as the Japanese ‘Nikkei’ traded mildly in the green after rallying yesterday, while the market participants await the Federal Reserve decision due on Wednesday. The Hong Kong index has been the worst performer falling over 35% from its 52 weeks high & yesterday fell over 4% as the US ban on Chinese internet-related stocks in the US saw further bloodletting in the Chinese listed stocks.

US markets falter to deceive as Dow Jones closes flat after rallying over 400 points in intraday trade. Nasdaq continues to see a losing streak closing lower by 2% as technology stocks bear the brunt of over ownership & rising rates. Oil sees the sharpest fall in over 3 months as WTI crude breaks US$99 before closing above 100.