Markets trade volatile amid weak global cues; Realty, Pharma underperform

19 Sep 2022 , 09:39 AM

Indian markets were in a volatile session on first day of this week amid weak global cues ahead of Fed policy announcement on September 21, 2022. A cautious tone was witnessed in both Sensex and Nifty 50 as realty and pharma stocks dragged the benchmarks. The domestic equities have corrected due to their higher value as investors booked profit. Meanhile, the India’s Volatility Index (VIX) jumped 6.5% on today’s session.

At around 09:36 AM, Sensex was trading at 58,603.62 down 237.17 points or 0.40%. The 30-scrip benchmark has touched an intraday high and low of 58,921.31 and 58,565.39 respectively.

Nifty 50 traded at 17,463.20 edging up 67.65 points or 0.39%. The index has clocked an intraday high and low of 17,564.40 and 17,461.15 respectively.

In terms of sectoral indices, on NSE, the pharma index dived nearly 150 points. However, IT, metal and banking and realty stocks were under pressure with marginal losses.

Top bulls on Nifty were – ONGC soaring more than 1.1% while M&M surging 0.8%. Bajaj Finserv climbed 0.64%, while Infosys and SBI jumped 0.54% and 0.32% respectively. 

Top bears on Nifty were – Ultratech Cement plunging 3.2% followed by Asian Paints and Cipla slipping 2.6% and 2.2% respectively. Titan, Dr Reddys, Tata Motors, Hindalco, Britannia dipped between 1.9-1.3%.

Also, the performance comes after the country’s foreign exchange reserves declined by $2.234 billion to stand at $550.871 billion for the week ended September 9, the Reserve Bank of India (RBI) said on Friday. 

On the global front, Asian markets opened muted as most investors await the Federal Reserve action & commentary on rates. Further, Chinese stocks will see reaction to the internet stocks weakness listed in the US as IT stocks world wide see selling pressure. 

Moreover, on the Wall Street, US markets were volatile as markets prepare for Federal Reserve policy action on September 21, with 75 basis points hike priced in. Dow Jones closed lower by 139 points after being down over 410 in intra day while Nasdfaq closes lower by 100.

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