Markets in red

27 Feb 2023 , 01:08 AM

As a result of concerns surrounding a prolonged interest rate hiking cycle in the world’s largest economy, Indian shares are trading lower on Monday, following the trend set by a fall in U.S. equities after the release of January Personal Consumption Expenditure (PCE) Index inflation. PCE Index inflation in January in US stood at 4.7%. This was higher than expectation of 4.4%. 

On the sectoral front, Nifty Metal and Media fell over 3%. Heavyweight Nifty IT and Auto are trading 2% lower. Nifty Bank and Financial Services are trading marginally higher.

At around 1.00 PM, BSE Sensex was trading 356 points lower at 59,107. NSE Nifty dropped 133 points to 17,332 points.

ICICI Bank (+1.48%) and Kotak Bank (+1.40%) are the top gainers with over a 1% uptick. SBI (+0.91%), HDFC (+0.64%), and Axis Bank (+0.52) up with marginal gains.

Adani Enterprise (-9.10%) weighing down the chart with a 9% downside. Bajaj Auto (-5.04%) is trading 5% lower. UPL (-4.12%), and Tata Steel (-3.51%) are trading 4% lower. Eicher Motors (-2.96%) fell 3%.

Only 12 stocks on the Nifty index advanced, while 38 declined.

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