Markets trade flat as metal stocks extend losses; Nifty around 15,700 levels

4 Jul 2022 , 09:39 AM

Indian markets trade on a flat note but in red tracking mixed Asian counterparts on Friday. The bulls were cast away as metal stocks extended their losses despite other sectoral indices were broadly in the green. IT, auto and oil & gas stocks were on the subdued level. Also, market movementes will be majorly influenced by the Q1 results starting with TCS’s result on July 8. 

In the early deals, Sensex has touched an intraday high and low of 53,067.49 and 52,744.57 respectively. Nifty 50 clocked the day’s high and low of 15,797.45 and 15,695.05 respectively.

At around 09.36 AM, Sensex was trading at 52,832.49 down by 75.44 points or 0.14%. Nifty 50 was performing at 15,705.45 lower by 46.60 points or 0.30%.

Nifty Metals dived nearly 2%. Nifty FMCG, Nifty Banking and Nifty PSU Banks surged between 0.4-0.8%.

Gainers on NSE were – IndusInd Bank surged 2.14%, while Power Grid and Hindustan Unilever soared by 1% each. ICICI Bank and Divis Labs surged marginally..

Losers on NSE were – ONGC tumbling 5% followed by Tata Steel down 2%. M&M and Hindalco slipped 1.7% each, while JSW Steel plunged more than 1.4%.

Metal and auto stocks will in focus amid companies monthly production and sales data announcements which indicated that economic recovery is gaining momentum in spite of many headwinds.

On the Asian front, indices opened in the green led by the Japanese ‘Nikkei’ & the ASX which were up nearly 1-1.5% in early trade after the US markets closed higher.

Moreover, US markets end Friday session at day’s highs with Dow Jones gaining over 320 points while Nasdaq gains 100 points. Notably,  today being US Independence Day, the US markets will remain closed for trading.