Markets trade flat amid volatility; Nifty above 17,700; Auto, IT index positive contributors

25 Oct 2022 , 09:41 AM

The start of Tuesday’s trading session was cautious in Indian stock markets after the bullish session of Muhurat Trading on previous day. Banking, FMCG stocks at home dragged benchmarks Sensex and Nifty 50 with Q2FY22 quarterly earnings season taking full focus.

Amid week global cues, in the opening bell, the market was on a cautious tone as investors should be cautious since there are major challenges ahead, particularly rising interest rates and the unknown trajectory of the Ukraine war.

At around 9:36 AM, Sensex was trading at 59,857.15 up by 25.49 points or 0.04%. Nifty 50 traded at 17,742.75 higher by 12 points or 0.07%. 

In terms of sectoral indices, on NSE, the Auto, IT, Metal and Pharma index trading higher whereas banking, FMCG, realty stocks under pressure. 

Nifty bulls were – Tata Motors surging more than 1.7%. JSW Steel, Tech Mahindra, Maruti Suzuki and Dr Reddys climbing over 1% each.

Nifty bears were – Axis Bank plummeting nearly 1.5% while IndusInd Bank, Bajaj Finserv followed with 1.4% downside. UPL and Power Grid dipped more than 1% each.

On the global front, US markets witnessed two strong back to back days of gains with Dow Jones rising over 1000 points as markets look towards the Federal Reserve ‘pivot’ on rate tightening ending by November.

Further, Asian markets opened in the green led by the Japanese ‘Nikkei’ which was up 250 points as the Bank of Japan intervened to stop the Yen from further weakness.

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