Markets trade lower amid weak cues; Nifty around 17k; Auto stocks in focus

3 Oct 2022 , 09:41 AM

A cautious tone was seen in Indian markets during the opening bell of Monday tracking a broad-based selloff of global cues. On the sectoral front, auto and metal stocks in focus amid sales and production data outcome.

India’s volatility index surged nearly 6.6% currently.

The domestic equities are expected to record weakness in the morning session as global cues turn weak.

Also, the TCS result is just around the corner on October 10 which will set the trend in the technology stocks going forward. TCS peers Infosys and Wipro have also lined up to announce their Q2FY22 results next week. TCS board will also consider second interim dividend on October 10.

At around 09:42 AM, Sensex was trading at 57,344.47 lower by 82.45 points or 0.14%. The index has touched an intraday high and low of 57,454.84 and 57,138.12 respectively.

Nifty 50 performed at 17,072.50 lower by 21.85 points or 0.13%. The index has touched an intraday high and low of 17,102.10 and 17,014.95 respectively.

In terms of sectoral indices, on NSE, the IT index dived nearly 150 points. Meanwhile, the Oil & Gas index and pharma outperformd counterparts and traded higher by 1% each.

Top bulls on Nifty were – ONGC surging more than 5.4%. NTPC climbed 2.2% where Coal India, Apollo Hospitals Eicher Motors surged between 1-1.8%.

Top bears on Nifty were – Hindalco, M&M, Kotak Bank, Titan and IndusInd Bank slipping by nearly 1-2% each. 

On the global front, US markets in fear grip with Dow Jones falling over 500 points on Friday with indices recording the worst week, month & quarter since March 2020. Nasdaq continues losing streak falling over 160 points to lowest since June.

Asian markets opened mixed with the Japanese ‘Nikkei’ trading mildly in the green while most other indices traded mildly lower.

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