Markets nosedive amid weak cues; Sensex sheds 800 pts, Nifty 50 around 17,000; Banks worst hit

10 Oct 2022 , 09:38 AM

Indian markets are trading on a bearish tone during Monday’s opening bell amid weak global cues. Furthermore, US Job data further swayed markets sentiments. A broad-based sell-off was witnessed across sectoral indices with all sectors in deep red. India’s Volatility Index (VIX) surged 6.6% while Banking stocks were the worst hit and major movers of the benchmarks.

For today, traders can expect some consolidation even as stock or sector moves are likely to dominate the day.

Furthermore, according to the US Job data, the US unemployment rate dropped to 3.5%, demonstrating that the economy continued to grow despite interest rate increases. 

At around 9:37 AM, Sensex was trading at 57,383 lower by 808.29 points or 1.39%. The index has touched an intraday high and low of 57,625.06 and 57,365.68 respectively.

Nifty 50 traded at 17,077.50 below 237.15 points or 1.37%. The index has touched an intraday high of 17,149.65 and 17,067.10 respectively.

In terms of sectoral indices, on NSE, the Nifty Bank index dipped more than 620 points. While IT and Auto index also recorded substantial drop by 260 points and 160 points.

There were no top bulls on Nifty today however top bears on Nifty were – Tata Motors diving 4.1% followed by IndusInd Bank slipping 2.2%. Hero MotoCorp, Hindalco, HDFC Bank shed between 2-2.2%. Further, Adani Ports, Tata Steel, Wipro, HUL, Tech Mahindra, Nestle tumbled around 1.7% each.

Also, TCS stocks will be in focus today ahead of Q2 earnings which willbe announced later today.

On the global front, Asian markets opened in the red led by the ASX & New Zealand markets as the Japanese ‘Nikkei’ was closed for a holiday today.

On Wall Street, US markets witnessed sell off as jobs number though in line with expectations sees rise in yields. Dow Jones fall over 630 points while Nasdaq falls 400 points.

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