Markets trade flat amid volatility; Nifty below 16,250 dragged by metals

23 May 2022 , 09:34 AM

Indian markets traded flat amid high volatility during opening bells on monday tracking mixed global cues. On domestic front, auto index soared 1% to support the broader markets while metal stocks tumbled 8% during early trading deals.

The market performance comes after the government announced an excise duty cut on petrol by a record Rs8 per litre and that on diesel by Rs6 per litre.  

During opening bell, the Sensex was up 288.99 points or 0.53% at 54,615.38 and Nifty was up 77.80 points or 0.48% at 16,334.

At around 09:34 AM, Sensex was trading at 54,365.15 up by 38.76 points or 0.07%. Meanwhile, Nifty 50 was performing at 16,242.85 higher by 23.30 points or 0.14%.

Gainers on Nifty were – Maruti Suzuki soaring by 2.8% followed by M&M, Hero MotoCorp, Asian Paints and NTPC surging around 2% each. Other major stocks such as Eicher Motors, IndusInd Bank, Infosys and Bajaj Finsernv added marginal gains as well.

However, Tata Steel, JSW Steel plunged 10% each while Hindalco, ITC and Coal India were among top underperformers on Nifty plunging 4-1% each.

On the sectoral front, Nifty Metals tumbles 6.3% followed with Nifty IT, FMCG, media stocks while all the other major indices cheered buying sentiments from investors and maintained position in the green territory. Nifty auto, rose around 2% Bank Nifty, Financials, pharma with realty, indices are also trading higher. 

On the global front, US markets see another day of very volatile trade as expiry of derivative contracts sees Dow Jones recover from down 650 to close in the green.

Asian indices opened in the green in line with strong US futures which saw the Japanese ‘Nikkei’ trade higher by over 200 points in early trade. Chinese stocks see upgrade from analysts as technology stocks become very attractive after the sharp sell off.