Markets trade lower amid weak global cues

29 Jun 2022 , 09:34 AM

Indian markets opened on a negative note tracking weakness in global markets as over concerns about rising inflation, interest rates hikes and potential damage to global economic growth. Investors are also tracking news flow on G7 Summit, GST Council, brent crude oil prices which makes market nervous. Also, rupee hits new low on capital outflows added to the negative woes.

At home, all the sectoral indices were in the deepred territory. Sensex has dipped to as much as below 52,600 and Nifty 50 even erased 15,750-level during early deals on Wednesday.

Moreover, globally, US markets witnessed volatile session as morning gains get sold into with Dow Jones falling over 490 points after being up over 400 in early trade. Nasdaq also sees big fall of nearly 3% as spike in crude prices hits sentiment.China reopening sees crude spike while bond yields remain lower near 3.15%.

At around 09:35 AM, Sensex was trading at 52,703.40 below 474.05 points or 0.89%. Nifty 50 performed at 15,704.80 lower by 145.40 points or 0.92%.

On Nifty, ONGC, Tata Consumers and SBI Life were top gainers.

Nifty underperformers are: IndusInd Bank, Hindustan Unilever, Hindalco, Bajaj Finserv and Kotak Bank plunged over 2% each.

In terms of sectoral indices, Bank Nifty shed near 420 points or 1.26%. Nifty Finance Services also tumbled by 0.99%. Nifty IT, metals and FMCG dragged benchmark Nifty 50 and other sectoral indices.

Furthermore, Country’s largest private sector company Reliance Industries stocks will be in focus today as Akash Ambani replaces father Mukesh Ambani as Chairman of Reliance Jio.