Sensex and Nifty traded on a bearish note tracking weak global markets on Thursday. Banking, financial along with IT and pharma, metal stocks weighed the most on Indian markets during the opening bell. As investors’ concern were broadly shifted towards inflation risk, it continues to be a major headwind for Indian markets and global markets as well. The weakness in US stocks is playing out globally with signs of higher inflation & rate tightening seeing recession like situation in the US by 2023 which spoiled invetors’ appetite for indian equity markets.
At around 9:38 AM, Sensex was trading at 53,227.37 surging down by 981.16 points or 1.81%. The index has touched an intraday low of 53,053.75.
Nifty 50 was performing at 15,925.85 lower by 314.45 points or 1.94%. The index has clocked the day’s low of 15,904.65.
On Nifty 50 gainers list,
ITC was the only gainer surging by around 2%, rest other index heavyweights dragged the benchmarks.
Underperformers on Nifty 50 were – Tech Mahindra diving by 3.87% followed by Wipro down 3.83%. Bajaj Finserv, Hindalco and Infosys dropped by 3.7% each.
Major stocks like JSW Steel, Tata Motors, Bajaj Finance, Tata Consumers, Adani Ports dived more than 2.5-3% each. Titan, L&T, Ultratech Cement also slipped nearly 1-2% each.
In terms of sectoral indices, Nifty IT tumbled massively by 3.5%. Nifty Metal and Nifty Media stocks fell 3% each. Nifty Bank and Nifty Financials also slipped over 2% each while Nifty Auto and Pharma dropped 1.5% each. .
On the global front, overnight US markets saw the biggest sell off in last month as Dow Jones fell over 1100 points while Nasdaq fell nearly 4.75%. Further, Asian indices opened weak after the big US sell off as the Japanese ‘Nikkei’ traded lower by over 600 points in early trade.
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