Markets trade nervously; Sensex near 61k, Nifty 50 holds 18,150

3 Jan 2023 , 09:41 AM

Investors traded nervously in the global markets weighing on Indian benchmarks as well on Tuesday. The cautious betting was followed ahead of US Federal Reserve’s hawkish remarks and inflationary pressure. Benchmark struggles to hold 61,000-mark, while Nifty 50 floats slightly above 18,150-mark.

A broad-based selloff was recorded across sectoral indices with FMCG, Pharma stocks being the worst. However, Banking and IT index outperformed the markets and counterparts.

At around 09.43 AM, Sensex was trading at 61,036 down by 131.06 points or 0.21%. The benchmark has nearly erased the 61,000-mark in the opening bell and even clocked the day’s low of 61,004.04.

Nifty 50 traded at 18,164.40 lower by 33.05 points or 0.18%. The index has touched an intraday low of 18,153.30.

In terms of sectoral indices, on NSE, the FMCG index dipped over 120 points followed by Auto, Pharma, Metal stocks. On the contrary, the Banking index soared over 120 points.

Top bulls on Nifty were – Axis Bank, HDFC Life, UPL, SBI and Tata Motors gaining between 0.3-0.8%.

Top bears on Nifty were – SBI Life, Hindustan Unilever, ONGC, Sun Pharma and Britannia slipping between 0.5-0.9%.

IT stocks are in focus ahead of quarterly performance of tech companies.

On the global front, Asian markets opened in the red led by the South Korean ‘Kospi’ & Taiwan markets as investors return to the New Year with caution even as low volumes call the shots as the Japanese ‘Nikkei’ remains closed for a holiday. Chinese stocks were lower in opening trade as markets expect Chinese Covid cases to put pressure on Chinese reopening in near term.

US markets closed for New year to reopen today even as investors worry over rising yields while US$ hits 4-month lows @ 103.5.