Markets in a bloodbath; Sensex tanks 1000 pts, Nifty below 17,900; IT stock plunges 3%

14 Sep 2022 , 09:41 AM

Indian markets traded on a bearish tone following negative global cues on Wednesday. IT stocks weighed on benchmarks Sensex and Nifty 50. The 30-scrip index has dipped more than 1000 points so far in the opening bell. India’s volatility index has climbed nearly 4.7%.

A broad-based sell-off was witnessed across sectoral indices with IT stocks taking a steep free fall. Technology stocks witnessed a massive profit booking on Wall Street that can lead to further pressure in Indian IT stocks. 

The domestic equities are expected to be volatile due to US hot inflation report, a steep drop in US stocks overnight and concerns about slowing the global economy.

At around 09:40 am, Sensex was trading at 59,942.33 lower by 628.75 points or 1.04%. The index has touched an intraday high and low of 60,011.95 and 59,417.12 respectively.

Nifty 50 traded at 17,892.65 below 177.40  points or 0.98%. The index has touched an intraday high and low of 17,894.30 and 17,771.15 respectively.

In terms of sectoral indices, on NSE, the IT index has tumbled more than 950 points, while the banking index has slipped 170 points.

Top bulls on Nifty were – Tata Consumers surging 1.3% followed by Coal India and NTPC soaring 0.7% each. Asian Paints and Bajaj Auto advancing 0.5% and 0.4% respectively. 

Top bears on Nifty were – Tech Mahindra plummeting 3.3% followed by TCS, Infosys, HCL Tech, Wipro dived between 2-3% each.

Stocks like L&T, Hindalco, Tata Motors, Tata Steel slipped between 1.8-1%.

On the global  front, Asian markets opened in the red with Japanese ‘Nikkei’ trading lower by 650 points & followed up with the Taiwan markets which were down over 250 points in early trade.

Further, overnight on  Wall Street, the US markets saw big losses as inflation continues to be sticky with numbers exceeding expectations & setting the tone for the Federal Reserve to raise rates by 75 basis points next week. 

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