Markets open lower on weak global cues; Nifty below 16,700

25 Jul 2022 , 09:37 AM

Domestic markets opened in the red on Monday morning tracking weak global markets as investors fret about the impact of inflation on global growth and waiting for the Fed commentry on rate announcement on July 27. In the opening bell, the S&P BSE Sensex was down nearly 120 points while the Nifty 50 was below 16,700 as the IT, auto, FMCG, pharma stocks were among the top laggards however metal and banking stocks outperform the counterparts to trade in the green.

Currently at around 9:36 AM, the BSE Sensex was trading at 55,955.46, lower by 116.77 points or 0.21% and the NSE Nifty was 16,696.10 down 23.35 points or 0.14%.

NSE gainers were at this hour — Apollo Hospitals rose 2.2%, ICICI Bank, UPL, Tata Steel and Kotak Bank were up over between 0.8-2%.

On the other hand, losers on the Nifty 50 index were – Heavyweight RIL slumped 2.7%, ONGC dropped 1.6%, Ultratech Cement, BPCL and Sun Pharma were in the negative zone too dragging overall market sentiments.

On Monday, shares of Zomato fell 10% as the lock-up for investors that had stake prior to its IPO expired on July 23.

Companies that are set to announce their Q1 today and will be in focus are – Axis Bank, Tata Steel, Tech Mahindra, Canara Bank, Macrotech  Developers, KPIT Technologies, Aether Industries, Century Textiles & Industries, Glaxosmithkline Pharmaceuticals, Indian Energy Exchange, Sterlite Technologies, Tanla Platforms, Tatva Chintan Pharma Chem and Tejas Networks.

Asian shares opened mixed with the Japanese ‘Nikkei’ trading lowr by 150 points while the South Korean & ASX markets tarde flat.

On Wall Street, US markets logged profit booking on Friday as Nasdaq sees over bought readings with select results disappointments seeing the index lose 200 points.Dow Jones also falls over 135 points as investors book profit after best July in last 6 months.