Markets trade lower amid weak global cues; Nifty below 15,700 dragged by banking stocks

14 Jun 2022 , 09:34 AM

Sensex and Nifty traded on a bearish note tracking weak global markets on Tuesday. Banking, financial along with IT, reealty and pharma, metal stocks weighed the most on Indian markets during the opening bell. As investors’ concern were broadly shifted towards inflation risk, it continues to be a major headwind for Indian markets and global markets as well. 

At around 9:35 AM, Sensex was trading at 52,588.83 surging down by 258.37 points or 0.49%. The index has touched an intraday low of 52,459.48.

Nifty 50 was performing at 15,699.50 lower by 74.90 points or 0.47%. The index has clocked the day’s low of 15,674.25.

On Nifty 50 gainers list, Power Grid was the top gainer surging by around 1.6%, followed by Bharti Airtel, M&M, NTPC and Tata Steel surged between 1-1.6%.

Underperformers on Nifty 50 were – Asian Paints diving by 2.3% followed by IndusInd Bank down 1.7%. Tech Mahindra, Tata Motors and HDFC Bank dropped over 1% each.

Major stocks like BPCL, HDFC Bank, Bajaj Auto, Maruti Suzuki dragged the broader markets. Titan, ONGC, Hero MotoCorp also slipped nearly 1% each.

In terms of sectoral indices, Nifty Realty tumbled by 1%. Nifty IT, Financials, Banking and Nifty Media stocks also fell drastically. 

On the global front, overnight US markets sell off deepens with Dow Jones down another 850 points while Nasdaq falls over 500 points as markets fear the Federal Reserve to hike rates higher then expected. Bond yields hit fresh 3 year highs @ 3.35% indicating 50% chances of 75 basis points rate hike by the Central Bank tomorrow.