Markets under pressure; Nifty below 18,750

23 Jun 2023 , 01:01 PM

Indian benchmark indices are trading in a muted tone in Friday’s afternoon session extending the previous session’s downfall in tune with weak trend in Asian markets and additional foreign fund outflows. A surge in interest rates globally is also pressurizing investor sentiment.

On the sectoral front, Nifty Bank and Financial Services stocks are holding steady. India’s VIX eased over 2%. Consumer Durables (-1.25%) are dragging down the major indices. Nifty Media and Metal are among the worst-performing indices. All other sectoral indices are trading with declines.

At around 1.00 PM, BSE Sensex is trading 68 points lower at 63,189.67. NSE Nifty is down by 45 points at 18,742.

On the gainers’ chart, Bharti Airtel (+1.90%) is trading with an uptick of ~2%, followed by IndusInd Bank (+1.89%). NTPC (+1.36%), Dr Reddy’s (+1.26%), and Asian Paints (+1.11%) are trading about 1.5% higher.

Adani Enterprises (-5.66%) is the biggest laggard so far as it is undergoing regulatory scrutiny in the US. Adani Ports (-3.47%) fell about 4%. BPCL (-2.38%), Hindalco (-1.94%), and Tata Motors (-1.49%) are trading about 2% lower.

A total of only 14 stocks are trading with gains on the nifty index, while 36 stocks are trading with declines.

Following the attainment of record highs by the Sensex, the market’s momentum has decelerated. Currently, the global market sentiment is not as optimistic, and the overall mood in the markets has become less bullish.

As per data from exchanges, Foreign Institutional Investors (FIIs) sold off equities worth Rs 693.28 crore on Thursday.