Markets in red

20 Feb 2023 , 02:05 AM

Until the Monday afternoon trading session, Indian stock markets remained uncertain as fears mounted that the US Federal Reserve may prolong higher interest rates. Furthermore, the somber sentiment was compounded by rising anxieties following North Korea’s launch of additional ballistic missiles.

All the major indices on Nifty were seen in red, except the IT index (+0.54%) which was trading marginally higher. Nifty Bank and PSU fell about 1%.

At around 2.00 PM, BSE Sensex was trading 248 points lower at 60,760 points. NSE Nifty was trading 0.48% lower at 17,860.90.

Divis Lab (+2.80%) rallied about 3%, followed by a 2% uptick in UltraTech Cement (+1.78%). Further, Tech Mahindra (+1.61%), Bajaj Auto (+0.80%), and Power Grid (+0.75%) joined the rally.

Cipla (-6.22%) emerged as the top loser on NSE with a downside of about 7%. This decline followed the US drug regulator’s inspection of Cipla’s Pithampur unit, which resulted in the issuance of eight observations.

Adani Enterprises dragged down the chart with a nearly 6% decline. Britannia Industries (-1.74%), Adani Ports (-1.49%), and BPCL (-1.49%) shed about 2% in today’s trade.

Globally, investors are eagerly anticipating the release of the Federal Reserve’s meeting minutes, scheduled for Wednesday. These minutes will provide insights into the US central bank’s future stance on interest rate hikes.

A total of 17 stocks advanced on NSE, and 33 declined.

 

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