Markets nosedive on broad-based selloff; Sensex slips 460 pts, Nifty 50 below 17,700; IT stocks worst hit; TCS in focus

11 Apr 2022 , 09:38 AM

Indian markets nosedived massively on Monday’s session amid weak global cues on worries over inverted US treasury yields. the latest upbeat economic estimate from the US Federal Reserve Chair Jerome Powell in comparison to persistent risks from the Covid-19 pandemic.

At the domestic front, a broad-based selloff was witnessed with IT, banking, consumer durables, FMCG and auto stocks underperforming the most while buying sentiments seen in power, metal, pharma names. Also, investors focus has shifted to March 2022 quarterly result as IT-giant TCS is set to announce its financial performance later today.

At around 09:40 AM, Sensex was trading at 58,983.25 down by 463.93 points or 0.78%. Nifty 50 was performing at 17,676.10 lower by 108.25 points or 0.61%.

On Nifty, JSW Steel was the top gainer soaring by 1.7% followed by NTPC, Cipla, Tata Motors surging over 1% and Power Grid with a marginal upside.

On the contrary, Nifty underperformers list included HCL Tech on the top spot plunging 1.7% followed by Infosys, SBI Life, Britannia and Hindustan Unilever diving 1% each.

TCS also dived marginally ahead of the Q4 result announcement. Bharti Airtel, Bajaj  Auto, Asian Paints dropped by 0.5% each. 

In terms of sectoral indices, on NSE, the Banking index dipped 200 points, while the IT index fell by 360 points. 

Quarterly results that are expected today include Tata Consultancy Services (TCS), Birla Tyres, Delta Corp, Elnet Technologies, Kesoram Industries, and Lasa Supergenerics.

On the global front, US markets ended mixed tracking losses in technology stocks due to release of macroeconomic data.