Markets trade flat amid mixed global cues; Nifty around 18,500; Hero MotoCorp, BPCL top gainers

28 Nov 2022 , 09:39 AM

The volatility continued on Monday with Sensex nosediving by nearly 200 points and Nifty 50 slipping nearly 50 points in the opening bell. Sensex was pushed off the cliff to the point it was even below 62,300-level. Nifty 50 has even erased 18,500-mark so far today. A broad-based selloff was recorded in the sectoral indices with metal, IT, banking stocks being the worst hit. 

The domestic equities tracked weak global cues. Investors globally continued to monitor the developments surrounding the Covid variant in China. Further, the volatility may continue for today ahead of Fed Chief’s speech on Wednesday which will decide the momentum of markets.

At around 9:39 AM, markets traded flat, however in the red and continued to maintain their volatile trend. Sensex performed at 62,285.52 down by 8.12 points or 0.01%. Nifty 50 performed at 18,505.0 down 6.85 points or 0.04%. 

On NSE, the Auto index surged more than 100 points while the IT, Metal and Banking index were under pressure. FMCG, media, consumer durables were trading flat but in the green.

Auto giant Hero MotoCorp was the top bull soaring by 3% followed by BPCL, Bajaj Auto surging by 1.90% and 1.09% on Nifty.

Tata Motors and SBI Life gained by 0.75% each on Nifty.

On the bears front, on Nifty, Hindalco took lead by plunging nearly 2% followed by JSW Steel, Apollo Hospitals and HDFC shedding 1.1% each. HDFC Bank, around 1%.

On the global front, Asian markets opened weak with mostly all indices trading in the red as Chinese unrest over Covid policy & upset in Taiwan elections sees markets react to profit booking with the Hang Seng index down over 4% along with 1.5% cuts on the Taiwan market.

Last week, on Friday, US markets led Dow Jones ended by gaining 150 while Nasdaq logged profit taking closing down 58. Bond yield closed near 3.66% while oil falls another 3% to close @ 74.17 for WTI crude.

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