Markets trade lower amid weak global cues; IT stocks under pressure

23 Aug 2022 , 09:45 AM

Indian markets opened on a negative note tracking weakness in global markets as over concerns about rate tightening has dampened the sentiments of investors. Investors are also tracking news flow on Fed minutes which makes market nervous. 

At home, IT stock weigh down the most and sheds 390 points. Sensex has dipped to as much as below 58,172.48 and Nifty 50 even erased 17,350-level during early deals on Tuesday.

Moreover, globally, US markets witnessed weakness extend into the new week as expectations of another rate hike in September see yields hit 3% on the 10 year paper.

At around 09:41 AM, Sensex was trading at 58,624.50 below 149.37 points or 0.25%. Nifty 50 performed at 17,443.55 lower by 47.15 points or 0.27%.

On Nifty, Eicher Motors surged over 2% followed by Bajaj Finserv and Adani Ports gaining around 1.4% each. M&M and Hindalco also climbed 1.3% and 1.2% respectively.

Nifty underperformers are: Infosys, Tech Mahindra, HCL Tech, Wipro and TCS plunged between 1-2%.

In terms of sectoral indices, Nifty Bank, IT, Realty dragged benchmark Nifty 50 and other sectoral indices however auto, metals and pharma stocks are marginally up to support the market sentiments.