Markets log lackluster demand as Nifty below 17,200; IT index in focus

11 Oct 2022 , 09:39 AM

A cautious tone was seen in Indian markets during the opening bell of Tuesday tracking a broad-based selloff of global cues. However, IT stocks have escaped the selling stance in the markets and outperformed as quarter earnings in focus.

India’s volatility index surged nearly 2% currently.

The domestic equities are expected to record weakness in the morning session as global cues turn weak.

Meanwhile, the positive outcome of TCS result will contribute to set the trend in the technology stocks going forward. TCS peers Infosys and Wipro have also lined up to announce their Q2FY22 results this week.

At around 09:36 AM, Sensex was trading at 57,827.63 lower by 163.48 points or 0.28%. Nifty 50 performed at 17,187.80 lower by 53.20 points or 0.31%.

In terms of sectoral indices, on NSE, the banking, auto index dived 0.4% and 0.7% respectively while IT index outperformed counterparts by surging nearly 200 points. 

Top bulls on Nifty were – Wipro, Adani Ports surging more than 1% each. Hindalco, Asian Paints and Adani enterprises advancing between 0.4-0.5%.

Top bears on Nifty were – Eicher Motors, Bajaj Auto, Apollo Hospitals, Hindustan Unilever, Divis Lab slipping around 1% each. Titan, RIL, JSW Steel dipped 0.8% each, while Maruti, Bharti Airtel, M&M shed 0.7% each.

The stocks in focus today ahead of its quarterly results are: Delta Corp, GM Breweries, Gujarat Hotels, Supreme Infrastructure India, and Trident Texofab.

On the global front, Asian markets opened in the red led by the Japanese ‘Nikkei’ trading lower by over 440 points in early trade as the Yen hit 144 to the US$. Further, both Taiwan & South Korean markets also joined the sell off in technology stocks with big falls in early trade.

On Wall Street, overnight, US markets saw fall for 4th consecutive day as Dow Jones closes lower by 90 points while Nasdaq falls 110 to new lows for the year.

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