Markets trade volatile amid weak global cues; Media, realty rise; Auto, metals under pressure

24 Aug 2022 , 09:36 AM

Indian markets traded in the green, however, at a slower pace amid the expiry of derivative contracts scheduled on Thursday. Also, the broader markets sentiment globally were in red which further limited buying tones in benchmarks Sensex and Nifty 50. Media and realty stocks were in the fast lane, while the remainder of indices were either in red or marginally up. Furthermore, worries about economic slowdown and tighter monetary policy weighed the sentiments of global investors.

At around 09:37 AM, Sensex was trading at 59,060.13 up 28.83 points or 0.05%. The Nifty 50 traded at 17,592.50 higher by 15 points or 0.09%.

In the early trade, Sensex and Nifty 50 has gained to an intraday high of 59,113.66 and 17,605.40 respectively.

In terms of sectoral indices, on NSE, the IT, pharma, realty, oil & gas stocks were marginally up however auto, financial and metal stock dragged the overall market sentiments.

ONGC was the top bull soaring by 2% on Nifty, followed by IndusInd Bank, Sun Pharma, Apollo Hospitals and Cipla advancing between 0.8-1.6%.

Top bears on Nifty were – Bharti Airtel plunging over 1.8% followed by Divis Lab diving 1.1%. Stocks like Asian Paints, Adani Ports and Eicher Motors slipped between 0.9-1%.

NDTV and Adani Group’s stock will be in focus today amid stake sale announcement. According to the reports, Adani Group to acquire 26% stake in NDTV through open market.

Also, on Wednesday morning, Maruti Suzuki announced to recall 166 Dzire Tour S due to defective airbag control unit which are manufactured between August 06, 2022 to August 16, 2022.
 
In the Asian markets, Japanese ‘Nikkei’ was trading flat with the ASX, South Korea & Taiwan all  trading higher as markets got oversold in the near term.

Further, Chinese stocks are supported by the central bank which should see more gains for banks & realty sectors.

Meanwhile, overnight on wall street, US markets logged lacklustre day as markets await Federal Reserve Chairman testimony at Jackson Hole on policy moves going forward.Bond yields move higher to 3.05%. Dow Jones closed lower by 150 points while Nasdaq close flat.