Markets in a bloodbath; Sensex falls 300 points, Nifty around 18,000; Auto index worst hit

29 Dec 2022 , 09:50 AM

Indian markets witnessed a lacklustre demand in Thursday’s opening trade tracking weak global cues as investors are continuously assessing the development around the new Covid variant which has increased rapidly in China. Also, auto and metal stocks in focus ahead of F&O expiry.

Pharma stocks were at the forefront in today’s trading session and even outperformed counterparts. Auto stocks were top laggards while remaining other sectors also logged marginal losses.

At around 9:46 AM, Sensex was trading at 60,567.82 down by 342.46 points or 0.56%. Nifty 50 performed at 18,037.45 lower by 85.05 points or 0.47%.

Nifty bulls were – Dr Reddy’s (+1.6%) followed by Divis Lab and ONGC soaring around 1% each. Sun Pharma and Cipla jumped between 0.5-0.8%.

Nifty bears were – Hindalco, Tata Motors, Ultratech Cement, Grasim and HDFC Life diving between 1-1.3%.

On the global front, Asian markets opened in the red. The Japanese ‘Nikkei’ was down over 300 points even as Bank of Japan action sees ‘Yen’ get stronger. South Korea & Taiwan were the other indices trading in the red as technology stocks globally take a hit.

Moreover, US markets see another weak day as rise in yields sees broader market sell off continue with technology stocks weakness seeing collateral damage to broader markets. Dow Jones falls 360 points while Nasdaq falls 139 to close near 3% off 2-year lows.

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