Markets in the red amid weak global cues; Nifty below 17,500; Banks under pressure

20 Oct 2022 , 09:40 AM

Indian markets nosedived on Thursday amid weak global cues. Benchmarks Sensex and Nifty 50 tracked mixed global cues that showcased a cautious appetite for equities as traders are worried over rising  US bond yields and rising dollar. Except for FMCG and oil & gas stocks, all other sectoral indices were trading lower back at home. Banking, Metal and Auto stocks weighed the most. Corporate results continue to play a vital role in markets sentiments.

At around 9:38 AM, Sensex was trading at 58,936.48 lower by 170.71 points or 0.29%. Nifty 50 performed at 17,447.80  below 64.45 points or 0.37%.

On NSE, the banking sector was worst hit by slipping over 300 points, while the Auto index shed nearly 120 points. Metal and IT index also dipped marginally.

Tops bulls on Nifty were – Nestle India surging over 1.1% followed by Hindustan Unilever, Asian Paints, RIL and ITC soared between 0.5-0.7%.

Top bears on Nifty were – IndusInd Bank dipped over 3.5% followed by Hindalco shedding around 2%. M&M, ONGC and JSW Steel plunged more than 1% each.

Stocks like SBI, HDFC, SBI, HDFC Bank, Bajaj Finance dropped around 1% each.

Major companies that are set to announce their Q2 results today and will be in focus are – ITC, Asian Paints, Axis Bank, Bajaj Finance, Tata Consumer Products, Colgate Palmolive, Aarti Drugs, Canara Bank, Central Bank of India, Clean Science and Technology, Coforge, Dixon Technologies, Happiest Minds Technologies, ICRA, Indian Energy Exchange, ICICI Securities, L&T Finance Holdings, Mphasis, Nazara Technologies, Shriram Transport Finance, Symphony, Tanla Platforms, United Breweries, Union Bank of India, and UTI Asset Management Company.

Asian markets opened in the red led by the Japanese ‘Nikkei’ which was down 300 points in early trade as the ‘Yen’ tumbled to 30 year lows hitting 150 to the US dollar. Most other Asian indices traded lower by almost 1%

Further, Chinese stocks are seeing the worst performance in stocks as the Hang Seng sank to new lows despite the Government intervention in seeing stability on the currency.

Overnight, on Wall Street, US markets logged profit booking after two days of stellar gains as Dow Jones closed lower by 99 points while Nasdaq fell 91 points.

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