Markets trade bearish amid weak global cues; Nifty below 17,650

22 Sep 2022 , 09:40 AM

Indian markets opened on a negative note tracking weakness in global markets amid US Federal Reserve meeting outcome. The rates has been hiked by 75 basis points for the third consecutive times over concerns about sharp recession period. This has dampened the sentiments of investors. However, US Fed Chairman signaled another rate hike in the coming months to battle the decade-high inflation.

At home, Banking and IT stock weigh down the most and sheds 200 points and 150 points respectively. Sensex has dipped to as much as below 5,973.07 and Nifty 50 hit intraday low at 17,580.40 level during early deals on Thursday.

Moreover, globally, US markets saw another volatile day as US dollar hits 30 year highs @111. Oil prices trade at lowest since last November with WTI crude hitting US$ 82.

At around 09:37 AM, Sensex was trading at 59,177.30 below 279.48 points or 0.47%. Nifty 50 performed at 17,632 lower by 86.35 points or 0.49%.

On Nifty gainers, Adani Ports surged over 0.9% followed by ITC and Hindalco gaining around 0.5% each. Shree Cements and Hindustan Unilever also climbed 0.37% and 0.33% respectively.

Nifty underperformers are: Power Grid, Tech Mahindra, SBI Life, HDFC, Bajaj Finserv plunged between 1.3-1.6%.

In terms of sectoral indices, Nifty Bank, IT, auto dragged benchmark Nifty 50 and other sectoral indices however metal stocks are marginally up to support the market sentiments. Nifty IT dropped more than 150 points amid weakness in global stocks.

Furthermore, the Fed’s move boosted its benchmark short-term rate, which affects many consumer and business loans, to a range of 3% to 3.25%, the highest level since early 2008.

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