Markets trade flat amid weak global cues; Nifty metals hit fresh record high

2 Jan 2023 , 09:43 AM

Indian markets started first trading session of 2023 on a flat note led by weak global cues. The metal index hit fresh record high on nifty today.

Auto and metal stocks will be in focus amid their monthly sales and production data. IT stocks will also see major movements as major companies are set to announce their third-quarter results for FY23.

At around 09.42 am, Sensex was trading at 60,842.24 higher by 1.5 points or 0.00%. Nifty 50 performed at 18,110.20 up by 4.90 points or 0.03%.

In terms of sectoral indices, on NSE, the metal index outperformed by rising nearly 100 points. Auto and PSU Banks index trading on a muted level but in the green, while Banking, IT, FMCG index were under selling pressure.

Bulls on Nifty were – Tata Steel (+3.35%) followed by Hindalco, Tata Motors, JSW Steel and Britannia surging between 0.8-3%.

Bears on Nifty were – Asian Paints, Bajaj Auto, Divis Lab, Bajaj Finance and Bajaj Finserv tumbled between 0.9-1.9%.

On the global front, Asian markets opened in the green led by the ASX & South Korean markets as most markets are closed for New Year holiday. The undertone remains mixed with US dollar not rising with yields indicating that the worst of inflation & rate tightening may be behind with chances of mild recession in Europe & US for first quarter.

Moreover, US markets logged weak closing to the last week of 2022 as Dow Jones closes lower by 73 after seeing intraday recovery of over 300 points while Nasdaq closes flat after being down over 150 points in mid-session.

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