Markets trade volatile; Asian Paints, Cipla, L-;T, Tata Consumers top bulls

18 Nov 2022 , 09:38 AM

The volatility continued on Friday during the opening bell in bolth the markets. Sensex was pushed off the cliff to the point it was even below 61,770-level. Nifty 50 has even erased 18,400-mark so far today. A broad-based selloff was recorded in the sectoral indices with FMCG, auto, banking and pharma stocks being the worst hit.

The domestic equities tracked mixed global cues. Investors globally continued to monitor the developments surrounding the rising of Coronavirus cases in China. The new record high Covid cases in China has forced the country to once again pull the shutters down to contain it.

Further, US Federal Reserve officials fired more warning notes on interest rates which added more uncertainty to the market.

At around 9:36 AM, markets traded in the green, however, continued to maintain their volatile trend. Sensex performed at 61,761.98 up by 11.38 points or 0.02%. The 30-scrip benchmark has hit an intraday low of 61,730.57.

Nifty 50 performed at 18,345.70 up 1.80 points or 0.01%. The 50-scrip benchmark has hit an intraday low of 18,343.80.

Except for IT and metal, all other sectoral indices were under pressure. On NSE, the FMCG and pharma index dived marginally, while the banking, financial, realty and oil & gas index were trading flat but on the red territory. The IT and metal index outperformed by surging between 0.2-0.5%.

Asian Paints was the top bull soaring by nearly 1.2% followed by Tata Consumers, Cipla, HDFC Life and L&T surging by 0.5% each.

On the bears front, on Nifty, M&M took the lead by plunging 1.6% followed by Nestle India and Hero MotoCorp shedding 0.9% and 0.8% respectively. Britannia and Maruti dipped between 0.6%.

On the global front, Asian markets opened in the green led by the South Korean & ASX indices with the Japanese “Nikkei’ also trading higher by 100 points.

Overnight, on the Wall Street, US markets logged volatile trade with Dow Jones seeing swings of over 377 points before closing power by 7 while Nasdaq sees 200 points swings before closing lower by 38. 

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