Markets slip tracking weak global cues; Auto, banks under pressure

1 Jul 2022 , 09:38 AM

Indian markets witness a steep fall on Friday on the account of weak global cues as investors turned cautious due to negative outlook for global credit conditions. Also, weak response to European and US futures swayed weighed on markets sentiments.

Back at home, a broad-based selloff is recorded with banking, auto and consumer durables stocks underperforming the most.

At around 09.40 AM, Sensex was trading at 52,726.04 down by 292.9 points or 0.55%. Nifty 50 performed lower by 91.15 points or 0.58% at 15,689.10. 

Top bulls on Nifty are – Asian Paints and BPCL soaring marginally 0.5% followed by HDFC Life, Tech Mahindra and Wipro surging around 0.4% each.

Top bears on Nifty are – Titan, Bajaj auto, Dr Reddys slipping between 2-2.5%. Heavyweight stocks like Tata Motors, HDFC, Bharti Airtel, dived more than 1% each. 

In terms of sectoral indices, Bank Nifty and Consumer Durables were top laggards slumping by 280 points and 200 points. Nifty Auto and Nifty Financial Services also weighed down.

On the global front, overnight US markets recovered from intra day big sell off with Dow Jones closing lower by 250 points after being down nearly 650 in early trade. Nasdaq closes lower by 1% while Bond yields hit 2 month lows trading below 3%.

Furthermore, Asian markets opened mixed with the Japanese ‘Nikkei’ trading lower by nearly 70 points as the yen hit a fresh 20 year low against the US$.