Markets trade bearish; Sensex sheds over 200 pts, Nifty 50 below 16,300

9 Jun 2022 , 09:39 AM

Indian markets opened on a negative note tracking weakness in global markets as over concerns about rising inflation, interest rates hikes and potential damage to global economic growth. Investors are also tracking news flow on the RBI bi-monthly moneteary policy announcements which makes market nervous. Also, rising oil prices added to the negative woes.

At home, except pharma and oil & gas, selloff in banking, auto, financial, IT, consumer durables and metal stocks pushed benchmarks Sensex and Nifty 50 off the cliff. Sensex has dipped to as much as below 54,600 and Nifty 50 even erased 16,300-level during early deals on Thursday.

Corporate earnings of heavyweights which had been one of the factors in lifting Sensex and Nifty earlier, failed to lift the benchmarks today. Also, globally, US markets saw profit booking as higher bond yields & rise in crude oil price dampened sentiments ahead of Federal Reserve meeting next week.

At around 09:35 AM, Sensex was trading at 54,618.72 below 273.77 points or 0.50%. Nifty 50 performed at 16,289.20 lower by 67.05 points or 0.41%.

On Nifty, ONGC, Dr Reddy, Cipla, Coal India and Reliance Industries were top gainers.

Nifty underperformers are: Britannia, Grasim, Asian Paints, HCL Tech and Shree Cements plunged over 1% each.

In terms of sectoral indices, Bank Nifty shed near 190 points or 0.54%. Nifty Finance Services also tumbled by 0.54%. Nifty IT, metals and  realty dragged benchmark Nifty 50 and other sectoral indices.

In the bi-monthly policy meeting, the Reserve Bank of India (RBI) has raised the repo rate by 50 basis points, an increase for the second time in five weeks at the conclusion of the monetary policy committee’s three-day meeting on June 8. The increase in repo rate is to tackle the inflationary woes around the globe, said RBI Governor Shaktikanta Das in his speech.