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

17 Oct 2022 , 09:39 AM

Indian markets nosedived on Monday amid weak global trends. Benchmarks Sensex and Nifty 50 tracked mixed global cues that showcased a cautious appetite for equities as traders focused shifted to quarter earnings. Except for IT and banking, all other sectoral indices were trading lower back at home. Metal, realty stocks weighed the most. Corporate results continue to play a vital role in markets sentiments.

At around 9:37 AM, Sensex was trading at 57,811.68 lower by 108.29 points or 0.19%. Nifty 50 performed at 17,152.90 below 32.80 points or 0.19%.

On NSE, the Auto, Metals, Pharma and  Financial index were under selling pressure however, IT, Banking index traded on a muted level but  in the green.

Tops bulls on Nifty were – Bajaj Auto surging over 1.8% followed by Infosys, Eicher Motors, Hero MotoCorp and Axis Bank soaring between 0.6-0.9%.

Top bears on Nifty were – JSW Steel dipped over 1.7% followed by M&M and Apollo Hospitals shedding more than 1.3% each. Adani Enterprises and BPCL plunged 1.1%.

Stocks like Hindalco, Coal India, RIL, ONGC dropped more than 1% each.

Major companies that are set to announce their Q2 results today are – ACC, Can Fin Homes, Craftsman Automation, Heidelbergcement India, PVR, Tata Coffee, Tata Metaliks, RPG Life Sciences, Spandana Sphoorty Financial, Indowind Energy, Bank of Maharashtra, Star Housing Finance, and Thangamayil Jewellery.

On the global front, Asian markets opened in the red after the huge rally on Friday. The Japanese “Yen’ traed near 148 which is seeing financial intervention by the BOJ.

US markets logged weakness creep in the next day after a big rally as technology stocks see rally as selling opportunity with higher yields seeing pressure on US$ which hurts exports.

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