Markets trade bearish amid free fall in global cues; Sensex down 500 pts, Nifty 50 below 16,350; All indices in red

10 Jun 2022 , 09:38 AM

Indian markets were under steep selling pressure on Friday tracking weak global cues as investors will be tracking the US inflation data for May in Friday.

On the global front, US markets witnessed steep sell off as rise in yields & climbing inflation globally sees stocks weaken. Dow Jones falls over 600 points while Nasdaq falls over 2.7%, as stocks close near day’s lows. Also, Bond yields close near 3.04%.

Back at home, all sectoral indices were trading in the red with auto, banking, financials, IT and metal index taking the worst hit. Higher than normal volatility is expected this month tracking inflation pressure, interest rates hike and other economical pressure worlwide.

At around 9:35 AM, Sensex was trading at 54,752.87 down by 567.41 points or 1.03%. Nifty 50 was performing at 16,321.25 lower by 156.85 points or 0.95%.

Gainers on NSE were – Tata Consumers, Bajaj Auto and Power Grid surging by 1% each, while Hero MotoCorp and NTPC jumped between 0.5-0.6%.

Losers on NSE were – Wipro, Hindalco, Tata Steel, Tech Mahindra and Infosys diving between 2-3% each.

Nifty Bank dipped 1%, while Nifty Financial Services also followed with more than 1.1% downside. Nifty IT, Nifty Metal and Nifty Pharma also tumbled.

The markets were lower despite Prime Minister Narendra Modi stated at the first-ever Biotech Start-up Expo on Thursday that India’s bio-economy has risen eightfold in the last eight years, from $10 billion in 2014 to $80 billion in 2022.

On the global front, Asian indices opened weak on the back of weak US cues with the Japanese ‘Nikkei’ which was seeing good gains this week trading lower by 350 points as weekend blues see market sentiment at its weakest.