Markets trade volatile amid mixed global cues; IT, banking, oil -; gas rises; Metals, auto, pharma drag

4 May 2022 , 09:47 AM

Indian markets opened with marginnal gains but soon traded flat amid high volatility during opening bells on Wednesday tracking mixed global cues as investors geared up for the biggest US Federal Reserve interest rate hike since 2000. On domestic front, banking, IT, media, oil & gas and financial services indices soared marginally to support the broader markets whereas metals, pharma, auto and consumer durables logged heavy profit bookings from investors.

Today, investors’ eyes are set on the opening of mega Life Insurance Corporation (LIC) IPO. Government owned LIC’s Rs21,000 crore IPO is all set to open today and to close on May 9 for subscription.

At around 09:45 AM, Sensex was trading at 57,014.62 up by 38.63 points or 0.07%. Meanwhile, Nifty 50 was performing at 17,066.80 down by 2.3 points or 0.01%.

Gainers on Nifty were – Britannia soaring by ~5% followed by ONGC, PowerGrid surging over 2% each. Other major stocks such as NTPC and BPCL inched higher to drive the market sentiments..

However, Apollo Hospitals, Bharti Airtel, Titan, Hindalco, Divis Lab were top underperformers on Nifty plunging between 1.6-2.6%.

On the sectoral front, Nifty IT outperformed counterparts by gaining over 200 points amid US technology stocks and release of macroeconomic data.

Also, post strong Q4 result, heavyweights Tata Steel and Titan stocks will remain in focus today.

Other companies that are set to announce their March 2022 results today and will be in focus today are: Kotak Mahindra Bank, Tata Consumer Products, ABB India, Adani Green Energy, CarTrade Tech, Adani Total Gas, Equitas Small Finance Bank, Havells India, Bombay Dyeing & Manufacturing Company, Deepak Nitrite, Laxmi Organic Industries, Mahindra EPC Irrigation, Satin Creditcare Network, SIS, Oracle Financial Services Software, Rain Industries, EIH, IIFL Wealth Management, Aptech, Cigniti Technologies, and MAS Financial Services.