Markets trade flat amid weak global cues; Nifty above 18,200-levels

4 Jan 2023 , 09:38 AM

The volatility continued on Wednesday with weak global cues. Sensex was pushed off the cliff to the point it was even below 61,350-level. Nifty 50 has even erased 18,250-mark so far today. A broad-based selloff was recorded in the sectoral indices with IT, metals and realty stocks being the worst hit.

The domestic equities tracked weak global cues. Investors will be monitoring the Federal Reserve’s December meeting minutes to trickle in on Thursday.

At around 9:39 AM, markets traded flat, however in the green and continued to maintain their volatile trend. Sensex performed at 61,305.67 up by 11.47 points or 0.02%. Nifty 50 performed at 18,234.40 higher 1.85 points or 0.01%.

On NSE, the IT and Metal index underperformed by tumbling around 0.56% and 0.75% respectively followed by auto, consumer goods, oil & gas index under selling pressure. However, banking, pharma indices were trading flat but in the green.

HDFC Life was the top bull soaring nearly 2% followed by Sun Pharma and Axis Bank surging by 0.8% and 0.7% respectively on Nifty.

SBI Life and ICICI Bank gained by 0.4% each on Nifty.

On the bears front, on Nifty, Hindalco took lead by plunging nearly 2% followed by ONGC and JSW Steel shedding around 1% each. Tata Steel and Tata Motors were on downside around 0.8% each.

On the global front, Asian markets opened mixed with the Japanese ‘Nikkei’ trading lower by 300 points after reopening for the New year holidays while most other markets traded in the green. This as South Korean & Taiwan markets react to positive undertone of earnings from auto makers, while Chinese stocks see ETF inflows given cheap valuations.

Overnight, on the Wall Street, US markets open the New Year trade with gyrations on both sides as Dow Jones swings over 550 points before closing flat, while Nasdaq swings 300 points before closing lower by 79.

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