Markets in the red, but showing resilience

8 Mar 2023 , 02:01 AM

In the afternoon session on Wednesday, Indian stocks are trading down, following the downward trend in global equities due to U.S. Federal Reserve Chair Jerome Powell’s reaffirmation of the possibility of aggressive interest rate increases to combat inflation.

On the sectoral front, Nifty IT dragged down the chart with a nearly 1% downside. Nifty Auto, FMCG, and Oil & Gas extended marginal gains.

At around 2.00 PM, BSE Sensex is trading 87 points lower at 60,137. NSE Nifty is at 17,698 points, down by 0.047%.

Adani Enterprises (+2.67%) and IndusInd Bank (+2.47%) are the top NSE gainers with a 3% uptick. Adani Ports (+1.96%) and Bajaj Auto (+1.88%) joined the rally with ~2% gains. L&T is trading 1% higher.

Bajaj Finance (-2.18%) and Hindalco (-1.80%) shed 2%, being the top losers. Sun Pharma (-1.37%), Infosys (-1.22%), and Titan (-0.98%) put pressure on the chart with about 1% decline.

A total of 21 stocks advanced, and 28 declined on the Nifty index.

Globally, the pan-European STOXX 600 index fell 0.3%, reaching its lowest point in one week.

Oil prices declined on second continuous session due to concerns about the potential impact of forceful U.S. interest rate increases on demand.

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