Markets trade flat amid volatility; Nifty below 18,400 dragged by IT, metals

17 Nov 2022 , 09:39 AM

Indian markets witnessed volatility on Thursday tracking mixed global cues. In domestic equities, investors bet cautiously as IT, Metal and Auto stocks logged selling pressure, while pharma and FMCG stocks traded positive.

At around 9:42 AM, Sensex was trading at 61,931.61 lower by 49.11 points or 0.08%. Nifty 50 traded at 18,395.25 down by 14.40 points or 0.08%.

Stocks like Larsen & Toubro, Power Grid, Adani Enterprises, Adani Ports and Cipla climbed between 0.6-1.2%. Bharti Airtel, ICICI Bank, Hindustan Unilever, RIL surged marginally.

Bears on Nifty were – Tata Motors plunging more than 2%. Hindalco, Tech Mahindra, Tata Steel, HCL Tech, Maruti Suzuki, Infosys and Wipro dived between 0.6-1.4%.

In terms of sectoral indices, on NSE, the IT index shed over 300 points. Pharma and FMCG index advanced on a muted level.

On the Asian front, markets opened muted with profit booking seen in most tech heavy markets like Taiwan & South Korea which have been star outperformers. Even the Hang Seng which has seen almost 15% rally since last week saw some cooling off as profit booking was seen across the board.

Furthermore, US markets closed the day witnessing profit booking as Nasdaq fell after best run in last week since early 2022. Dow Jones fell 39 while Nasdaq corrects over 1.2%.

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