Markets trade flat amid weak global cues; Nifty below 16,500 dragged by banking and financials

27 Jul 2022 , 09:41 AM

The Indian market was in a volatile session and trading flat on Wednesday tracking weak global cues. After clocking over 55-380-mark in the early deals, the benchmark Sensex scrapped gains and were on a muted stance. Similarly, Nifty 50 which was above 16-500, has now slipped into the red. All the sectoral indices were trading lower with banking, financial and metal stocks underperforming the most. The volatility in Indian equities also traced mixed global cues as investors became cautious ahead of Fed announcement on interest rates expected late tonight.

Benchmarks heavyweight Maruti Suzuki will be in focus ahead of its June 2022 quarterly result scheduled for later today.

Other stocks that will be in focus ahead of its June 2022 quarterly result today are – Tata Motors, Bajaj Finance, Biocon, Colgate-Palmolive, Aarti Drugs, CG Power and Industrial Solutions, Clean Science and Technology, Coromandel International, Dixon Technologies, EIH, JK Lakshmi Cement, Latent View Analytics, Laurus Labs, Novartis India, United Breweries and VIP Industries.

The June 2022 quarter will also sway the stock performance of Bajaj Finance,Tata Motors and among others.

Meanwhile, Zomato stocks will be also in focus as its pre-IPO investor Moore sells off 4.25 crore shares in block deal at a loss.

At around 09:35 AM, Sensex was trading at 55,207.01 down by 61.48 points or 0.11%. The index has touched an intraday high and low of 55,388.03 and 55,184.90 respectively in the early deals.

Nifty 50 performed at 16,474.75 lower by 9.10 points or 0.06%. The benchmark has clocked an intraday high and low of 16,512.10 and 16,457.90 respectively.

In terms of sectoral indices, all the indices trading in the red where Bank Nifty and Nifty Financials dived between 0.20-0.30%.

Top bulls on Nifty are – HDFC Life surging nearly 1.4% followed by Asian paints and Larsen & Toubro advancing more than 1% each. Maruti Suzuki and ONGC jumped by 0.6% and 0.5% respectively.

Top bears on Nifty were – Apollo Hospitals plunging 1.2% followed by UPL, Dr Reddy’s, JSW Steel and Titan diving marginally.

On the global front,  Asian markets opened muted with the Federal Reserve meet tonight all investors will await direction of action & talk to chart the course going ahead.

Overnight, US markets witnessed pullback ahead of big earnings with Dow Jones losing 220 points while Nasdaq closes lower for 3rd straight day losing over 216 points.