Markets trade lower; Sensex near 60,500, Nifty 50 holds over 18k; IT stocks worst hit

10 Jan 2023 , 09:42 AM

Indian markets traded in the red on Tuesday’s opening bell due to a broad-based profit booking across sectoral indices. The equities also tracked weak global cues watching development of Powell Speech today and the CPI data to be released tomorrow. Back at home, IT stocks were worst hit with PSU Banks, FMCG stocks also witnessing a substantial downside.

At around 9:50, Sensex was trading at 60,385.73 down by 361.58 points or 0.60%. The benchmark has touched a high of 60,809.65 and a low of 60,368.90 respectively.

Nifty 50 performed at 18,008.50 lower by 92.70 points or 0.51%. The benchmark has clocked the day’s high and low of 18,127.60 and 18,006.60.

In terms of sectoral indices on NSE, the IT index nosedived by 400 points, while the FMCG and Financial Services index slipped by 150 points and 120 points respectively.

Top gainers on Nifty were – Tata Motors (+5%), Hindalco, Tata Steel, APL Apollo and M&M.

Top losers on Nifty were – TCS, Eicher Motors, HDFC Bank, Infosys and Hero MotoCorp shedding between 1-2.4%.

TCS stocks plunged over 2% during Tuesday’s opening bell as the IT firm has kickstarted the earnings season for the third quarter of the current fiscal (Q3 FY23) on Monday, by reporting a lower-than-expected profit at Rs10,846 crore.

On the global front, Asian markets opened in the green led by the Japanese ‘Nikkei’ which reopened after a holiday on Monday & was trading higher by 230 points in early trade.

Overnight, on Wall Street, US markets logged volatility as Dow Jones closes lower by 110 points after being up over 300 points in intraday trade. Nasdaq closed higher by 66 after seeing intraday gains of over 170 points.

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