Markets trade volatile; Nifty above 18,000-levels; Metal, FMCG index drive

6 Jan 2023 , 09:35 AM

Investors traded nervously in the global markets weighing on Indian benchmarks as well on last day of this new year week. The cautious betting was followed worries over global economic slowdown due to rising interest rates and falling demand continue to weigh. Benchmark struggles to hold 60,500-mark, while Nifty 50 floats slightly above 18,000-mark.

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

At around 9:39 AM, Sensex was trading at 60,391.96 up by 38.69 points or 0.06%. Nifty 50 traded at 18,002.30 higher by 10.15 points or 0.06%. The index has touched an intraday low of 17,970.20.

In terms of sectoral indices, on NSE, the FMCG index outperformed over 160 points followed by metal, pharma, consumer good with marginal gains. On the contrary, the Banking, Auto and IT index logged selling pressure from investors to trade nervously and in the red.

Top gainers on Nifty were – APL Apollo, ITC, RIL, HDFC Life and Nestle gaining between 0.6-0.8%.

Top losers on Nifty were – Coal India, TCS, ICICI Bank, Bajaj Finserv and JSW Steel slipping between 0.6-1.2%.

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

On the global front, Asian markets opened mixed with the Japanese ‘Nikkei’ trading higher by 130 points while Hang Seng resumed its rally to trade positive by 50 points after seeing gains of over 40% from the lows of October. Chinese stocks see ETF flows on the back of reopening & attractive valuations.

US markets slip deeper into the red as strength in US$ sees equities lose ground with jobless claims number weaker than expectations. Dow Jones closes lower by 339 while Nasdaq closes down 153.

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