Markets trade lower amid weak cues; Nifty around 17,500 as Banking stocks under pressure

23 Sep 2022 , 09:34 AM

Domestic markets opened in the deep red on Friday morning tracking weak global markets as globally Dollar is rising against all currencies and  which will impact the capital flows into emerging markets including India. Investors fret about the impact of increased interest rates on global growth. 

In terms of the sectoral front, all the sectoral indices are trading in the red with a steel fall where IT and banks doing the most damage. Meanwhile, India’s Volatility Index ((VIX) skyrocketed by over 15% on Monday’s trade.

Currently at around 9:36 AM, the BSE Sensex was trading at 58,855.93 nosediving by 263.79 points or 0.45% and the NSE Nifty was 17,551.95 down 77.85 points or 0.44%.

At this hour, NSE gainers were: Tata Steel (+2.32%), Cipla (+1.37), Apollo Hospitals (+1.24), Divis Lab (+0.78%) and Bajaj Auto (+0.75%) while on the other hand, losers on the Nifty 50 index were – Tech Mahindra slumped 2.1%, IndusInd Bank and HDFC dropped 1.4% each, HDFC Bank and Kotak Bank were in the negative zone, tumbling around 1.3% each.

In terms of sectoral indices, Bank Nifty was the top bear nosediving by more than 460 points, while Nifty IT, Auto and Realty were marginally down. However, FMCG, Media, metal and pharma stocks added marginal gains to support the Nifty index.

Furthermore, Tata Steel stocks in focus today as the board has approved the scheme of amalgamation between seven of its group companies and itself, as per the company’s exchange filing. 

Overnight on Wall Street, US markets witnessed another weak day with technology stocks seeing weakness continue as Nasdaq loses another 150 points while Dow Jones closes lower by 100.

Asian markets opened in the red but saw early losses get wiped out as the Japanese ‘Nikkei’ was down 100 points & has been under pressure as thee yen hits fresh new 40 year highs against the US dollar. Taiwan & South Korean markets could see some comeback as auto demand sees traction. 

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