Markets trade lower amid weak global cues; Nifty around 17,300 dragged by banking stocks

7 Oct 2022 , 09:39 AM

A cautious tone was seen in Indian markets during the opening bell of Friday tracking a broad-based selloff of global cues as all eyes are on US jobs data which is expected tonight.

India’s volatility index surged more than 1% currently.

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

Markets are on a wait-and-watch mode ahead of IT Q2 results which may surprise on the upside.

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.

At around 09:36 AM, Sensex was trading at 58,128.90 lower by 93.2 points or 0.16%. The index has touched an intraday high and low of 58,178.55 and 57,985.51 respectively.

Nifty 50 performed at 17,304.95 lower by 26.85 points or 0.15%. The index has touched an intraday high and low of 17,309.65 and 17,261.85 respectively.

In terms of sectoral indices, on NSE, the Banking index dived nearly 250 points. Meanwhile, the Oil & Gas index skyrocketed more than 540 points.

Top bulls on Nifty were – Titan surging more than 5% each. Hero MotoCorp aslo jumped over 2.6% while HCL Tech, Apollo Hospitals, Maruti Suzuki advancing between 0.5-0.7%.

Top bears on Nifty were – BPCL, IndusInd Bank, SBI, Hindalco, Tata Motors slipping around and above 1% each. Eicher Motors, ITC, HDFC Bank dipped 0.9% each, while ONGC, Infosys, Power Grid, Adani Ports shed 0.8% each.

On the global front, Asian markets opened in the red as weekend blues logged profit booking. Chinese stocks could see some buying interest as valuations see attractive bargains.

Furthermore, overnight on Wall Street, US markets see profit booking as Dow Jones falls 350 points while Nasdaq closes lower by 75 as bond yields spike to hit 3.78%. Oil prices rise as OPEC cuts output while US$ also sees gains to close @ 112.

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