Markets trade negative; Sensex falls 300 pts; IT stocks worst hit

6 Dec 2022 , 09:39 AM

Indian markets traded in the red during Tuesday’s opening bell amid negative global cues ahead of US Federal Reserve meeting and RBI meeting. The domestic equities tracked overnight slump n US market and weakness in Asan indices as IT, Auto and Banking stocks weighed on Sensex and Nifty 50.

Meanwhile, the broader markets outlook remains volatile as investors will have to brace for some choppy trading through the Federal Reserve’s upcoming policy decision and the latest consumer price index (CPI) reading.

At around 9:41 AM, Sensex was trading at 62,507.46 down by 327.14 points or 0.52%. Nifty 50 performed at 18,605.30 lower by 95.75 points or 0.51%. 

On NSE, in terms of sectoral indices, the IT index tumbled by 350 points while metal stocks plunged 1%. Auto, Banking, FMCG, Pharma index dived more than 0.5% each. On the contrary, the PSU Banks index was the only top gainer surging around 0.9%.

Bulls on Nifty were – SBI Life (+1.6%) followed by HDFC Life, IndusInd Bank, Adani Enterprises, Axis Bank with substantial gains.

Bears on Nifty were – Hindalco falling over 2% followed by HCL Tech and Tata Steel tumbling 1.5% each, Infosys and Dr Reddy shed more than 1% each.

In the early deals, Asian markets opened  in the red led by the Taiwan & South Korean markets with the ASX index also trading in the red. IT stocks fell as the expectations of higher rates persisting saw most Companies with exposure to the same take a beating.

Overnight, on the Wall Street, US markets see sharp fall as markets turn cautious ahead of the Federal Reserve meeting next week with profit booking being the call for the week. Dow Jones falls over 480 points while Nasdaq falls 220.

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