Markets trade lower amid weak cues; Metals under pressure

12 Jul 2022 , 09:38 AM

Equity benchmark indices traded in the negative zone amid mixed trend in Asian peers. On the sectoral front, metal stocks was the worst hit dragged by 1%. The Auto, banking stocks on NSE was lower by 0.56% each on the other hand, the Nifty IT index was on muted level after Tech giant TCS’s Q1 results indicate margin pressure for the industry, the index has turned weak.

At around 09.36 AM, Sensex was trading at 54,132.42 lower by 262.81  points or 0.48%. The Nifty 50 was trading at 16,140.40 below 75.60  points or 0.47%

Among Nifty stocks, Hindalco Industries, JSW Steel, Tata Steel, Titan Company and HCL Technologies were among major losers to drag the overall markets, while gainers were Coal India, NTPC, Bharti Airtel, Adani Ports and TCS.

The Indian Rupee slipped hits record low against US Dollar, touched 79.38 as trends in domestic equities put pressure on the domestic currency.

Meanwhile, Asian markets opened in the red driven by the bout of profit booking in the US markets as investors lighten up before the key inflation data due on Wednesday.