Markets slip tracking weak global cues; FMCG, IT, banks under pressure

19 Jul 2022 , 09:38 AM

Indian markets witness a steep fall on Tuesday on the account of weak global cues as investors turned cautious due to rupee drops past 80 per dollar for the first time ever today. Also, mixed response to Q1 earnings further swayed weighed on markets sentiments.

At home, a broad-based selloff is recorded with banking, IT and FMCG stocks underperforming the most.

At around 9:36 AM, Sensex is trading at 54,393.76 down by 127.39 points or 0.23%. Nifty 50 was performing at 16,247.35 lower by 31.15 points or 0.19%.

Top bulls on Nifty are – ONGC soaring nearly 2% followed by M&M, Tata Steel, Coal India and Reliance Industries surging between 0.5-1%.

Top bears on Nifty are – Asian Paints, Nestle Bajaj Finserv, HDFC Life and HUL slipping between 08-1.2%. Heavyweight stocks like Tita, Tata Consumers, Infosys, L&T, TCS dived more than 0.5% each.

Companies like Hindustan Unilever, HDFC Life Insurance Company, ICICI Lombard General Insurance Company, Ambuja Cements, L&T Finance Holdings, Network18 Media & Investments, TV18 Broadcast, Polycab India, AU Small Finance Bank, DCM  Shriram, Garware Synthetics, Hatsun Agro Products, Kirloskar Pneumatic, Ponni Sugars (Erode), Rallis India, Shemaroo Entertainment, Steel  Strips Wheels will be in focus on Tuesday ahead of their June 2022 quarterly results.

In terms of sectoral indices, Bank Nifty and Nifty IT were top laggards slumping by 100 points each. Nifty FMCG also weighed down ahead of HUL earnings however Nifty auto and metals were in the green with marginal gains.

Overnight, US markets witnessed volatile day with Dow Jones swinging over 660 points before closing near the lows for the session down 200 points. Nasdaq also sees intra day moves of over 300 points before closing lower by 100 points.

Furthermore, Asian indices opened mixed with the Japanese ‘Nikkei’ trading higher after being closed yesterday for a holiday while the other markets follow US cues & traded lower in early trade.